tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Budget Briefing Friday - click here for details Dismiss
Last Article Uploaded: Thursday, May 30th, 6:45PM

News

rss
Latest Headlines

SuperCity back to “old normal”

The Auckland region’s average asking price dropped to its lowest level since 2016 in April, according to the latest Realestate.co.nz figures.

Wednesday, May 1st 2019, 10:23AM

by The Landlord

While many regional markets continue to hit all-time asking price highs, Realestate.co.nz’s April data shows that the Auckland region’s average asking price slipped to $899,916.

That’s a 4.5% fall from March and a 5.8% fall on April last year. It’s also the first time it has dropped below $900,000 since 2016.

In contrast, the all-time high average asking price for the Auckland region was $982,673 in December 2017.

Realestate.co.nz spokesperson Vanessa Taylor says we have left behind the frenetic market of 2014 to 2017 where asking prices spiralled dramatically upwards.

“We’ve now had two years of stable pricing with a dip in average asking prices in the Auckland region this year.”

New listings in the region fell (by 12.5% to 2,957 listings) in April and compounded with properties sitting on the market for longer, buyers aren’t under the same purchase pressure, she says.

“The current Auckland market is not the new normal, it’s the old normal which was prior to 2014, when there was time to negotiate and ensure that if you sold your house, you also had your new home lined up.

“If you sell your house for less than CV, in this current market it’s highly likely that the home you’re purchasing will also sell for less than CV.”

That’s one of the upsides of the current market and means it represents opportunities for buyers, Taylor says.

Markets around the rest of the country provided a mixed bag of results, although the Hawke’s Bay, Coromandel and Manawatu/Wanganui regions hit all-time asking price highs.

The Manawatu/Wanganui region turned in an average asking price of $402,199 in April. That’s a 3.2% increase on last month’s record and it means the region has broken into the $400,000 bracket for the first time.

The Coromandel region saw a new record asking price of $786,037 in April, which is a rise of 12.1% on March.

On the East Coast, the Hawke’s Bay region hit an all-time asking price high of $556,101, which was a 6.9% increase on March.

But the national average asking price came in at $649,662 in April. That was a 4.1% decrease on March and was largely driven by a drop in asking prices in the major centres.

Besides Auckland, the average asking price in the Wellington region dipped by 0.2% to $656,799 while the Canterbury region’s average asking price was down by 3.7% to $490,477.

Nationally, new listings were down by 9.6% (to 8,944), as compared to April 2018. But total stock on market was up by 6.1% compared with last April.

Taylor says it was the major regions of Auckland, Wellington and Canterbury which were well down on new listings in April compared to the same time last year.

 

Tags: Auckland average price house prices housing market listings property investment real estate Realestate.co.nz supply

« Regional value stars in slow marketMarket uncertainty thumps Auckland sales »

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 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 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 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 ▼7.65 ▼7.25 -
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 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 ▼7.84 7.35 ▼6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼7.24 6.75 ▼6.39
Median 8.64 7.19 7.27 6.65

Last updated: 28 May 2024 11:21am

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