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Slow start for Auckland

Auckland’s housing market got off to a slow start this year with new Barfoot & Thompson data showing that both sales and prices were down in January.

Monday, February 5th 2018, 10:30AM

by Miriam Bell

Barfoot & Thompson managing director Peter Thompson

The city’s largest real estate agency saw sales activity decline yet again – with 593 sales in January, as compared to 674 in December 2017.

That means they were down by 12% on December, by 13.8% on the average for the previous three months and by 5.7% on January last year.

At the same time, Barfoot & Thompson had the city’s average price at $934,753 and its median price at $830,000 in January.

These prices were down by 0.5% and by 4.6% as compared to December 2018 respectively.

The average price was up by 1.5% on the average for the previous three months and by 2.3% on January last year, while the median price was down by 1.6% on the average for the previous three months and year-on-year.

But Barfoot & Thompson managing director Peter Thompson says variations of 1.6% or less across a four-month period represent very little change.

Also, given January’s short and holiday interrupted trading period, caution needs to be attached to drawing strong conclusions from the month’s sales, he says.

“It was a steady start to the year with sales numbers remaining low while sellers and buyers reached agreement at prices consistent with those for the last quarter of 2017.

“This stable trading trend first emerged in April last year and has rolled over to the start of the new year.”

While prices and sales were down in January, the agency saw an increase in new listings with 1,200 across the month.

This was up significantly from the 571 new listings seen in December and was also 5.1% higher than in January last year.

At the end of the month there were 4320 properties on the agency’s books, which was the highest number of listings at the end of January for six years.

Thompson says the outlook for residential housing for the first half of 2018 is positive.

That’s because prices have plateaued, mortgage interest rates are stable and there is potential that greater access to mortgage finance will be made available to first time buyers and those on limited income, he says.

“Sales numbers can be expected to grow as we head into the traditionally strong August sales period.”

For ASB economist Kim Mundy, the data shows that Auckland house sales remained subdued in January, but sellers appear to be a little more optimistic. 

While inventory levels continue to climb higher, signalling a slight rebalancing in the market, lack of urgency on behalf of sellers continues to support prices, she says.

“We expect to see the housing market remain muted over coming months, reflecting due to uncertainty around the implications of Labour/NZ First’s housing policies.

“Further out, the ongoing supply shortage and easing LVR restrictions will provide some support to prices.”

« Slow, halting growth path for consentsSuperCity values on the rise »

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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 ▼8.09 ▼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

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