tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, May 19th, 8:45PM

News

rss
Latest Headlines

Auckland apartment market cools

Apartments are a hot topic for Auckland but new data suggests prices are cooling in the city’s apartment market – despite strong price growth in other markets round the country.

Tuesday, December 13th 2016, 2:03PM

by Miriam Bell

According to Trade Me Property’s November data, the average asking price for an Auckland apartment has fallen by 3.8% as compared to this time last year.

Head of Trade Me Property Nigel Jeffries said the Auckland apartment market is stagnating following a strong period of growth over the previous year.

“A year ago the average asking price of an Auckland city apartment blasted past $600,000, having soared up more than $150,000 in nine months.

“Over the past year it’s been quite a different story, with prices shunting sideways to hover around $575,000.”

Jeffries said that, in November, the average asking price was stuck in the mud as the pipeline of new apartment inventory remained very strong.

More than 500 new apartment listings hit the Auckland market in the last month, he said.

Wellington’s apartment market stands in stark contrast.

It saw growth of 13.3% in the average apartment asking price over the last year, which left the city’s asking price at $464,450 in November.

Christchurch’s apartment market also grew steadily: its average asking price was up by 3.9% year-on-year putting it at $416,650 in November.

Meanwhile, November saw strong price growth in almost all markets around the country – including the broader housing market in Auckland.

Trade Me Property’s data shows that the national average asking price rose to $624,850 – which was 1.1% growth on October and 9.8% year-on-year growth.

All but one of the 15 regions stepped up a notch last month, with only the West Coast (down 8.3%) recording a drop in its average asking price.

Average asking prices in 12 regions lifted over 5% in the past year and seven regions saw double-digit inflation.

Gisborne (up 31.8%) saw the biggest increase – but Jefferies said that was partly due to the mix of recent listings in the area.

It was followed by Waikato (up 27.4%), Nelson/Tasman (up 16.6%), Northland (up 16.4%), Bay of Plenty (up 16.0%), Auckland (up 13.4%) and Wellington (up 10.6%).

Five regions – besides Auckland - also now have an average asking price of over $500,000.

They are the Bay of Plenty ($570,650), Nelson/Tasman ($535,550), Waikato ($501,100), Wellington ($508,850), and Northland ($505,600).

Jeffries said this time last year Auckland was the only region that had an average asking price above this level.

Auckland’s average asking price crossed the half-million threshold six years ago, he said.

“And last month Auckland cracked the $900,000 mark in average asking price for the first time, as it continues its inexorable rise towards the million dollar mark.”

The Christchurch market remained subdued.

There was growth of less than 1.0% year-on-year in the average asking price, which left it as $473,900 in November.

 

« Rise in prices, sales as LVR effect dimsSuper City prices plateau »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora ▲5.43 ▲4.57 ▲5.58 ▲5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 ▼5.79 6.15
TSB Special 4.79 ▼4.34 ▼4.99 5.35
Unity 5.65 ▲4.80 ▲5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com