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: Wednesday, April 24th, 6:36PM

News

rss
Latest Headlines

Supply remains tight nationwide

Many regional markets hit record high asking prices in November but that’s not deterring property-seeking Aucklanders, Realestate.co.nz’s latest data shows.

Monday, December 2nd 2019, 10:00AM

by The Landlord

The real estate website’s November data has regional New Zealand heating up for summer, with eight regions climbing to the highest asking prices since records began in 2007.

Those regions included Northland (up 2.6% from September to $648,913), Waikato (up 4.3% to $647,879), Manawatu-Wanganui (up 3.3% to $446,461), and the Bay of Plenty (up 2.1% to $715,326) in the North Island.

And Nelson & Bays (up 0.9% to $701,072), Canterbury (up 3.2% to $519,865), and Otago (up 6.1% to $483,706) in the South Island.

Realestate.co.nz spokesperson Vanessa Taylor says this reflects the steady climb in asking prices throughout 2019.

“Asking price highs have grown in many parts of New Zealand and for many of these regions it is not their first high for 2019.”

However, the strong price growth in many regions is not putting off Auckland buyers.

Realestate.co.nz’s data shows that many of those looking at property in regional New Zealand are based in Auckland.

Northland, Bay of Plenty and the Central North Island appear to be the favourites for Aucklanders, with more Aucklanders searching online for property in those regions than those already living there.

Taylor says that it looks like a number of Aucklanders are still looking for property outside of the city.

“This could suggest Aucklanders are looking for a permanent lifestyle change or are seeking holiday homes in the North Island this summer.”

In Auckland itself, average asking prices in Auckland continue to fluctuate. The region’s average asking price dropped back 2.2% to $915,794, after a lift last month to $936,850.

Following sharp drops in April and May which saw the average asking price dip below $900,000, the region has seen prices hover around the low 900s for most of this year, Taylor says.

“Being New Zealand’s largest market, the Auckland region has the tendency to sway the national results, which is perhaps why we saw the national average asking price drop back 1.0% to $680,592 despite all the regional highs.”

Meanwhile, the total number of properties on the market was down by 19.4% year-on-year in November. 

None of the regions saw an increase in homes available for sale and Taylor says this could be contributing to the asking price highs seen in eight regions during November.

“When there are fewer homes available for sale, there is usually increased competition between home buyers. People are often willing to pay a little bit more to make sure they get what they want.”

In a similar vein, new listings were down by 7.6% across the country as compared to November 2018.

This trend was reflected in the major centres with new listings in Auckland, Wellington and Canterbury dropping by 7.0%, 5.9% and 2.7% respectively.

Taylor says that as the total number homes available for sale and new listings are both down considerably on the same time last year it is squeezing choice for those looking to buy.

“The highs and the current low stock levels suggest that Kiwis are waiting to get through the busy Christmas and New Year period before thinking of selling in 2020.

“It is fair to say that those who are looking to buy over the summer break may need to do a bit of digging and be patient with the small number of homes on the market at the moment.”

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

« SFO deception charges for investorsFinance clause change to hit home buyers: REINZ »

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
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 7.24 6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.75 6.65
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 - 7.24 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 7.84 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 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 6.75 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 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
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 7.84 ▼7.29 ▼6.59
SBS Bank Special - 7.24 ▼6.69 ▼5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.29 6.65

Last updated: 24 April 2024 9:24am

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