About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, August 21st, 6:02PM
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

« Free Investment Property Showcase Events: Auckland, Wellington and ChristchurchMarket 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
ANZ 5.19 4.19 4.25 4.49
ANZ Special - 3.69 3.75 3.99
ASB Bank 5.20 ▼4.25 ▼4.19 ▼4.39
ASB Bank Special - ▼3.75 ▼3.69 ▼3.89
BNZ - Classic - 3.69 3.75 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 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
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 4.80 4.95 -
Housing NZ Corp ▼5.19 ▼4.29 ▼4.29 ▲4.49
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 ▼4.30 ▼4.40 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.55 ▼3.65 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.78 3.78 3.99
Sovereign ▼5.30 4.35 4.29 4.55
Sovereign Special - 3.85 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.79 3.84 3.99
The Co-operative Bank - Standard 5.15 4.29 4.34 4.49
TSB Bank ▲6.09 ▲4.65 ▲4.59 ▲4.85
TSB Special 5.29 ▼3.85 ▼3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.69 4.79 5.19
Westpac - Offset 5.34 - - -
Westpac Special - ▼3.69 ▼3.75 ▼3.99
Median 5.50 4.29 4.25 4.19

Last updated: 16 August 2019 8:50am

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