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: Friday, November 1st, 10:39AM

News

rss
Latest Headlines

More options for buyers

Those looking to buy property in Auckland now have more options due to the ongoing decrease in demand evident in realestate.co.nz’s latest data.

Thursday, December 1st 2016, 10:00AM

by Miriam Bell

The website’s market statistics for the three months ending November 30 shows a comparative cooling in demand across the main centres – but particularly in Auckland.

Demand was measured by comparing the average number of views per listing for September, October and November 2016 to those in the same period in 2015.

Realestate.co.nz CEO Brendon Skipper said this revealed that Auckland was the only region in the country where demand was down on the same period last year.

Demand in the Auckland region dropped by 8.1% year-on-year.

Auckland’s average asking price continued to rise, hitting another record high, of $947,141, in November.

But the rate of growth has slowed: November’s price went up just by 0.4%, as compared to the previous month.

Auckland properties are also turning over at a more modest pace than in some other markets round the country.

If no new properties were listed in the region, it would take 14 weeks to clear all current property listings.

In comparison, in the currently hot Manawatu/Wanganui region it would take 13 weeks.

Skipper said the slowing rate of growth of the average asking price and a decrease in demand means properties in Auckland are sitting on the market for longer.

“If this trend continues, there will be more choices available for Auckland buyers in the foreseeable future.”

Meanwhile, demand is up in all other regions around the country.

But Skipper said demand was currently particularly strong in areas renowned for lifestyle options.

These regions included the Wairarapa, Marlborough and the Coromandel along with the smaller regions of Gisborne and the West Coast.

Skipper said it appears that, as summer approaches, increasing number of Kiwis are considering investing in a bach or holiday home.

ASB economist Kim Mundy said it appears that some of the pressure has eased in the housing market.

The lift in inventory, combined with slightly weaker demand due to the new LVR restrictions, has pushed weeks of inventory levels up nationwide and notably in previous “hot spots” such as Auckland, Wellington and Waikato, she said.

“Despite the lifts in supply, inventory levels remain very low from a historical standard and this will continue to support house prices.

“We expect housing activity to continue to cool as we head into 2017 and, as a result, inventory levels could continue to climb slightly higher.”

« Addressing housing market risks - RBNZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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