About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, December 6th, 6:43PM
rss
Latest Headlines

Super City bucks trend

Asking prices hit new records in markets around the country but the formerly hot Auckland market is not among them, according to realestate.co.nz’s latest data.

Wednesday, February 1st 2017, 9:00AM

by Miriam Bell

The website’s data showed that the national average asking price inched up by just 1.1% to hit an all-time high of $624,709 in January.

But average asking prices in nine out of the 19 regions soared to record highs in January.

Realestate.co.nz CEO Brendon Skipper said the most notable of these was the Central Otago/Lakes region, which saw its average asking price increase by 17.6% to reach $888,567.

“However, the full set of statistics would suggest that seasonality is still in full swing.”

While the Central Otago/Lakes region had the biggest jump in average asking price, other regions also recorded strong increases.

Average asking prices in Central North Island were up by 12% to $413,392; in Hawkes Bay by 10.8% to $413,405; and in Bay of Plenty by 9.8% to $592,479.

Other upward movers included Wellington (up 5.6% to $556,807); Taranaki (up 4.8% to $387,594); Manawatu/Wanganui (up 4.7% to $310,437); Otago (up 4.6% to $358,897); and Coromandel (up 2.3% to $700,352).

Skipper said it is too early to tell if this upward spike will be a trend for 2017.

But Wellington was an interesting market to watch as its average asking price hit at an all-time high in January, he said.

“However, it’s looking light in terms of listings with only six weeks’ worth of inventory, compared to 16 weeks in Auckland.”

Realestate.co.nz’s data showed the Super City went against the broader trend in January, with inventory up and average asking prices static.

The region’s average asking price was $943,002 in January, which was 0.7% down on December’s average asking price of $949,898.

Skipper said that it is also too early to say whether Auckland’s asking prices have been affected by the traditional seasonality, given the asking price remained quite static in January.

“However, new listings are up 5.5% compared to January 2016.

“We have seen another drop in demand in Auckland, down 25.39%, meaning buyers can approach the market with more choice.”

In terms of inventory around New Zealand, Auckland is sitting at 16 weeks; Taranaki is sitting at 17 weeks; Manawatu/Wanganui is sitting at 13 weeks; Otago at 11 weeks and Coromandel at 35 weeks.

ASB economist Kim Mundy said the data showed the number of houses available for sale rose in January, despite a fall in new listings.

This implies that the latest LVRs and, possibly, recent lifts in long-term mortgage rates are weighing on housing demand, she said.

“We expect housing activity to continue to cool as we head into 2017 and, as a result, inventory levels could continue to climb slightly higher.

“However, inventory levels remain very low from a historical standard and, combined with ongoing high levels of net migration, this will continue to support house prices.”

« Regions fire up as Auckland coolsChanging of the hot market guard »

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
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide ▼5.65 ▼4.75 ▼4.75 -
Credit Union North 6.45 - - -
Credit Union South ▼5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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