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: Friday, March 29th, 10:40AM

News

rss
Latest Headlines

Regions fire up as Auckland cools

Auckland’s housing market has had its star turn and regional markets are now moving into the spotlight, new Trade Me Property data reveals.

Thursday, January 12th 2017, 11:00AM

by Miriam Bell

Northland

The Super City’s average asking price dropped by 0.3% in December to come in at $908,850, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said that after four years of phenomenal growth the Auckland region was finally slowing down.

For a long time the only property story has been the unbelievable growth in the region, he said.

“But Auckland has experienced a few quieter months recently and we don’t see the market taking off again any time soon.

“Home owners in the city don’t need to despair though, with the average asking price in Auckland jumping by 12.9% during 2016.”

However, the data also showed that, in contrast to Auckland, average asking prices in provincial New Zealand are heating up.

Excluding Auckland, Wellington and Christchurch, the average asking price for property in provincial New Zealand hit a new record high in December, up almost 14% to $464,600.

Jeffries said that was a jump of $55,450 since January 2016, which was a faster rate than the country’s largest cities over the same period.

Provincial property prices have risen by 37.9% in the past five years, with the average asking price up from $336,950 in December 2011.

Jeffries said the Northland region is currently super-hot, blasting through the $500,000 mark in November and continuing to climb in December.

“Northland hit another record in December with average asking prices hitting $521,750. It’s seen a 20.6% increase during 2016.”

Over the past five years, the average asking price in Northland has risen by just under $150,000 (40%), with more than half of that increase coming in the last 12 months.

Around the rest of New Zealand, seven of the 15 regions hit record average asking price highs in the December.

They were Gisborne (up 27.3% year-on-year), Marlborough (up 5.6% year-on-year), Manawatu (up 9.3% year-on-year), Nelson (up 17.6% year-on-year), Northland (up 20.6% year-on-year), Southland (up 4.3% year-on-year) and Waikato (up 27.4% year-on-year).

Only the West Coast’s average asking price decreased on this time last year. It was down by 6.8% year-on-year.

Realestate.co.nz’s December data adds further support to the view that Auckland’s market is cooling, while other markets heat up.

It showed that listings in Auckland are up, but they are down elsewhere.

ASB economist Kim Mundy said this indicated that, out of Auckland, market activity appears to be picking up again.

“Inventory levels fell in most regions outside of Auckland suggesting demand remains reasonably robust across much of the country.”

Yesterday’s QV data also revealed the Auckland market has cooled, while other smaller markets – like Napier and Nelson – are powering along.

QV national spokesperson Andrea Rush pointed to Dunedin as a current hotspot.

She said that, to date, the Dunedin market has seen no evident slowing and value levels continue to increase, while sales activity remained strong throughout the Christmas period.

« LVRs continue to bite – QVSuper City bucks trend »

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

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

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 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
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 6.95 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

Last updated: 28 March 2024 9:42am

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