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More choice for Auckland buyers

Sales activity is subdued as the Auckland market continues to rebalance but that means there is a growing amount of housing stock available.

Thursday, May 3rd 2018, 12:00PM

by Miriam Bell

Barfoot & Thompson managing director Peter Thompson

Barfoot & Thompson’s April data is out and it suggests that sales activity may have bottomed out and that some confidence is returning to the market.

The agency sold 731 properties in April, which was 10.1% higher than April last year, and sales numbers for the first four months of 2018 are 3.2% higher than for the comparative period last year.

At the same time, April’s average sales price of $930,223 was 1.4% higher than it was in April 2017 – after moving little over the past 12 months.

However, April’s median sales price of $830,000 was down by 0.8% on the average for the last three months and down by 2.4% on April 2017.

Barfoot & Thompson managing director Peter Thompson says there is no suggestion that prices are poised to start their upward climb.

“But with prices no longer declining in comparison to 2017, the point has been reached where a further price decline is the least likely future outcome.

“In meeting the market price, buyers can have confidence that the chance of them being disadvantage by future price volatility is low.”

At 1,358 new listings for the month were strong and left 4,678 properties on the books at months end, Thompson adds.

“This ensures that buyer choice at the end of April was the second highest it has been for six years.”

For ASB economist Kim Mundy, the data shows that the pressure continues to ease in Auckland’s housing market as it rebalances and total inventory creeps higher.

However, looking at annual changes, it does suggest that the slowing in Auckland’s housing market might be starting to abate with annual sales and new listings higher than in April 2017, she says.

“It remains too early to tell whether this trend will continue but, for now, we continue to expect the Auckland housing market to remain relatively subdued over 2018 given uncertainty around legislative changes.

“Looking further ahead, the combination of easing LVRs and an ongoing supply shortage should offset legislative changes and affordability constraints at the margin, supporting gradual house price growth.”

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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

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