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, 11:32AM

News

rss
Latest Headlines

Booming sales in the Super City

Market activity is not letting up in Auckland with the city’s biggest real estate agency announcing that September saw the highest number of sales in a month since 2017.

Friday, October 2nd 2020, 11:19AM

by Miriam Bell

Barfoot & Thompson's Peter Thompson

Barfoot & Thompson recorded 1,099 sales in September – which was 4.2% higher than last month and 42.5% higher than sales numbers in September last year.

This was the highest number of sales in a month since the peak of the last property cycle in 2017, the agency’s managing director, Peter Thompson says.

“The key to the high sales numbers achieved in September was the number of new listings that came on to the market which, at 1,947, was the highest number in a month since October 2018, and 43.8% higher than in August.”

He says the large increase in listings released some of the competition for properties that had built up among buyers and was influencing prices. 

“At the same time as releasing buying pressure, the greater choice was an opportunity to which buyers were quick to respond. “

This means that  it’s the number of sales that have risen significantly in the past four months, rather than prices which have shown more moderate growth.

However, Barfoot & Thompson’s September data shows that Auckland’s market did hold on to the high price gains registered in August.

The average price in September was $996,945, which is an increase of just 0.1% on August.

But it is 2.1% higher than the average achieved across the previous three months and 8% higher than September last year.

In a similar vein, September’s median price was $930,000, which is up by 2% on August – and an increase of 2.9% on the previous three months’ average and 9.4% on September 2019.

Thompson says the current prices being paid by buyers shows confidence that prices are likely to hold firm over the medium term.  

“Close to half (47%) of sales in the month were for properties that sold for in excess of $1 million, and of these 84, or 7.6% of all sales, sold for in excess of $2 million.”

At month end, the agency had 3,780 properties on our books, which is the lowest number since March but 2.3% higher than in September last year.

Barfoot & Thompson’s data follows the trend seen in recent data releases which show the market continues to perform strongly.

CoreLogic senior property economist Kelvin Davidson says there’s been little in recent data releases to suggest that the current rising trend for the property market is about to be thrown off course.

“Continued increases in property values are due in no small part to very low mortgage rates and the continued tightness of available listings on the market.”

While the falls in mortgage rates probably aren’t over yet, now that the wage subsidy is wearing off, it’ll be important to keep an eye on unemployment figures over the next few months, he adds.

“We’ve already seen the immediate economic effects of the latest round of social restrictions, with the NZ Activity Index for August coming in 1.4% lower than August last year. This just emphasises again that the economic effects of Covid are far from over yet.”

Read more:

Low listings boosting prices 

Values on the rise again – CoreLogic 

Tags: Auckland average price Barfoot & Thompson CoreLogic Covid-19 house prices housing market interest rates listings market outlook median price mortgages new listings price growth property investment real estate sales activity

« Values on the rise again - CoreLogicLabour plans to regulate property managers »

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
    “Since the release of transitional license statistics earlier, I've expressed the view on various platforms that the number...”
    2 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...”
    3 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
  • Why PI insurance premiums are rising
    “I can only assume any reference to increasing claims are either outside of NZ or are settled privately as I’m not hearing...”
    1 day ago by John Milner
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