About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, December 12th, 9:54AM
rss
Latest Headlines

Buyer demand cooling

Average asking prices in regional markets might be hitting new highs but new data suggests buyer demand is cooling nationwide.

Wednesday, April 11th 2018, 11:00AM

by The Landlord

Hawkes Bay was the leader of the regional market pack in March.

The latest Trade Me Property Price Index is out and it shows the average asking price in the regions outside the three main centres has hit the half-a-million-dollar mark for the first time in March.

Head of Trade Me Property Nigel Jeffries says the average asking price outside Auckland, Wellington and Christchurch grew 6.8% in the last year to reach $502,950.

“This is off the back of recent solid growth in Hawke’s Bay, Manawatu/Whanganui and Marlborough, but almost all the regions have seen excellent growth in the last 12 months - and many hit record asking prices in March.”

Hawkes Bay led the way with 15.1% annual growth which left its average asking price at a record high of $519,950.

Manawatu/Whanganui (up 14.4% to $334,600), Marlborough (up 14.1% to $483,300) and Waikato (up 7.3% to a new high of $548,650) also all saw stellar growth.

The national average asking price rose by just 1.7% on last month to $636,650 but Jeffries says this relatively slow growth was linked to the Auckland dip.

“Auckland makes up a substantial part of our property market and it fell back by 0.7% year-on-year (to $912,500) for the first time in a long time, and this has muted the national figure.

“But while the dip in the Auckland housing market has been making headlines, the property market is still very strong outside the overheated market in the Super City.”

Yet, despite the healthy regional growth, Trade Me Property’s data also indicates that buyer demand is cooling.

Jeffries says the average number of views on property listings was down 1.6% on March 2017.

“This drop in demand may be an indication that buyers are retreating as growing prices push them out of the market.”

Demand may be more subdued, but the data shows that it is spread across all property types.

Asking prices outside Auckland reached new highs for all house sizes in March with large houses (5+ bedrooms) showing solid year-on-year growth of 13.7% to $836,700.

Likewise, urban properties (apartments, townhouses and units) outside Auckland scaled new heights in March, climbing by 1.4% on February to a record asking price of $407,750.

Jeffries adds that units are becoming increasingly popular, particularly for first home buyers.

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchAuckland shortage to get worse »

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 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

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