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Sales volumes up, prices down in September

This September saw a 21.1% rise in sales on the year earlier, but just 43 extra sales than August 2011, “a modest result given the lift usually expected during spring.”

Wednesday, October 12th 2011, 12:00AM

by The Landlord

The latest Real Estate Institute of New Zealand (REINZ) housing market data also revealed that when adjusted for the seasonal pattern expected at this time of year, the volumes are approximately 2.3% weaker.

The national median house price eased by $5,000 to $350,000 (-1.4%) in September compared to August and is flat compared to a year earlier.

"The volume data indicates that the New Zealand real estate market is in better shape when compared with this time last year and with volumes up over 20% compared to September last year and a continued reduction in the number of days to sell," said REINZ chief executive Helen O'Sullivan.

"That improvement is flattening out with a weaker than usual seasonal lift from August volumes. There is clear evidence from across the country that buyers are very focused on value and are well informed about what they can afford and are prepared to pay."

While national totals show an increase in sales, regional markets saw considerable volatility.

Northland saw the strongest rise in volumes compared to August, up 30%. Otago saw the next strongest increase (12.7%), followed by Manawatu/Wanganui (12.4%).

The largest drop in sales was seen in Wellington, down 9.3%, followed by Taranaki (-7.9%) and Waikato/Bay of Plenty (-6.5%).

Volumes in the Auckland market were just 1.5% above August, relatively flat given the seasonal life usually seen at this time of year.

The strongest rise in prices was seen in Hawkes Bay, up 8.3%, followed by Auckland (4.9%), Wellington (4.1%) and Nelson/Marlborough (1.9%).

Compared to September 2010, Auckland recorded the strongest lift in prices, up 5.6%, followed by Canterbury/Westland (4.7%) and Hawkes Bay (2.2%).

Nationwide, the median days to sell improved by two days from 39 days in August to 37 days in September. The days to sell stood at 43 days in September 2010.

Auckland again recorded the shortest days to sell at 32 days, followed by Otago and Southland at 36 days, with Wellington and Canterbury/Westland next with 38 days.

Taranaki and Central Otago Lakes recorded the longest number of days to sell at 79 days followed by Northland at 56 days.

"We're seeing a very interesting market with listings improving though still reported as tight, plenty of buyer interest but only on a very rational basis - there is no appetite on the part of buyers to overpay or rush to purchase," said O'Sullivan.

"We are continuing to see the national median house price move in a range between $345,000 and $365,000 as it has done for about the last two years, with no strong driver for change in either direction."

« Investor activity strong in Hutt Valley, muted nationwide Free Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 ▼6.79 ▼6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 ▼7.29 ▼7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 ▼6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 ▼7.39 ▼7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 ▼6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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