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

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, May 6th, 12:14PM

News

rss
Latest Headlines

No momentum in Auckland sales

Auckland prices remain strong but sales are down and the market is suffering from a lack of momentum, according to the city’s biggest real estate agent.

Tuesday, September 3rd 2019, 2:19PM

by The Landlord

Barfoot & Thompson saw just 746 sales in August – which was a decrease of 15.1% on July’s 879 sales and of 6.2% on the 795 sales in August last year.

The sales figure was also down by 10% on the average of the last three months, yet sales were evenly split across all price segments of the market.

However, the low volume of sales did not impact on prices in August with the average price coming in at $930,090 and the median price coming in at $830,000.

Both the average price and the median price were up on July, by 1.1% and 3.7% respectively, as well as on the averages achieved over the last three months.

Barfoot & Thompson managing director Peter Thompson says that trading in the three months of winter and in August followed the same steady pattern of the last year.

“A pattern of modest sales numbers, prices at near record levels and new vendors hesitant to enter the market.”

This left the market in a stable position but one which needs more listings to revive lost momentum, he says.

Barfoot & Thompson got 1,052 new listings in August. That’s the lowest in an August for more than a decade and it is also down by 8.1% on July and by 21% on August 2018.

It meant that at month’s end the agency had 3818 properties on their books, which was the lowest number in 20 months.

Thompson says this shows that what is lacking in the market at present is listings and Spring may be the trigger required to revive the market.

“Given the near record prices being achieved, and market choice being at its lowest for nearly two years, the incentive to list in the current market has to be strong.”

He adds that auction remains the most popular sales method. “While sales under the hammer at auctions are down on what they were two to three years ago, post auction negotiations are leading to a good level of settlements.”

Tags: Auckland average price Barfoot & Thompson house prices housing market listings median price sales activity

« Hints of market resurgenceRent-to-buy scheme key to KiwiBuild II »

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
  • The death of the single adviser FAP
    “Rubbish. Financial advice is (& will always be) a cottage industry. Whilst the industry is currently buckling under the...”
    58 minutes ago by Pragmatic
  • The death of the single adviser FAP
    “Since the release of transitional license statistics earlier, I've expressed the view on various platforms that the number...”
    3 hours ago by dcwhyte
  • The death of the single adviser FAP
    “I totally agree with Tony, there will be a period in 2022, where the knowledge of the changes in the financial advice becomes...”
    4 hours ago by Elephant1
  • Why PI insurance premiums are rising
    “Why do the PI insurers/underwriters not share their apalling NZ claims statistics with the industry? (20-40% price increases...”
    7 hours ago by Tony Vidler
  • Why PI insurance premiums are rising
    “From what I've seen and heard so far PI underwriters are using the nice round number method to price premiums. ...”
    1 day ago by Matron
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.25 2.59 2.89
ANZ 4.44 2.85 3.19 3.49
ANZ Special - 2.25 2.59 2.89
ASB Bank 4.45 2.25 2.59 2.89
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.25 ▼2.55 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.85 ▼3.15 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 ▼3.40 ▲3.64
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 ▼2.55 ▲2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.99 3.29
SBS Bank Special - 2.29 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.25 2.59 2.79
The Co-operative Bank - Standard 4.40 ▼2.75 3.09 3.29
TSB Bank 5.34 3.05 3.29 ▲3.59
TSB Special 4.54 2.25 2.49 ▲2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.85 3.19 3.49
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - ▼2.25 2.59 2.89
Median 4.55 2.71 2.99 2.89

Last updated: 6 May 2021 10:51am

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