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Hesitancy colours Auckland market

Uncertainty over the details of the government’s housing policies continues to weigh on the Auckland market - yet new data shows sales are up.

Tuesday, December 5th 2017, 12:00PM

by Miriam Bell

Barfoot & Thompson’s November data reveals the agency’s sales were up by 19.4% to 757, from October’s low of 634.

While the number of sales was down by 20.1% on last November which saw 947 sales, it was the highest number since August and also 9.7% higher than the average for the previous three months.

Barfoot & Thomson director Kiri Barfoot says the increase indicates the Auckland market is holding firm and buyers are returning.

“Both the average price at $913,244, and the median price at $830,000, were right in line with what we have been achieving over the previous three months.

“While the numbers are down on their equivalents in November last year that was a time when the market was close to reaching its peak.

“This November’s trading is a sure sign that at current values buyers are returning to the market.”

There was 1,955 new listings in November and that brought the number of properties on the market at months end to 4838, Barfoot says.

“This is the highest number we have had in more than five years. There is now a quarter more properties on the market than at the same time last year.”

The agency also sold more rural and lifestyle properties in November than it has since March, she adds.

“Interest from local developers and land bankers is returning, but there is still a degree of hesitancy as they await a clearer understanding of future government policy.”

Market uncertainty remains the name of the housing game for many commentators.

ASB economist Kim Mundy says the Barfoot & Thompson data shows sellers are starting to return to the market but sales activity remains subdued.

This combination of factors has contributed to a sharp lift in total inventory levels, leaving them nearly 25% than they were in November 2016.

Mundy says this trend of higher inventory levels and still-subdued sales activity is likely to continue to weigh on price growth in the near-term.

The numerous uncertainties on the horizon make it hard to ascertain the underlying direction of the market, but policy uncertainty will continue to weigh on investor demand in particular and, as a result, prices over the coming months.

“Looking further out, the combination of easing LVRs and an ongoing supply shortage should underpin house prices,” she says.

“However, policy changes will continue to weigh on facets of demand and we expect limited upside to house prices given stretched affordability relative to domestic fundamentals.”

 

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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

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