Barfoot's Auckland listings, sales extend gains in February 5 Mar 2013
- Credit Suisse downgrades Diligent to 'neutral' Business
- Weak global demand weighs on NZ sheep, cattle prices Business
- Carter Holt appeals failed strike-out bid over leaky schools Business
- Blue Chip's Bryers accused of muddying Talos role Business
- Ex-Solid Energy JV partner, GTL, seeks briquette plant sale Business
- NZ property values rise at fastest pace in 5 months: QV Business
- Goodman Property to spend $28 mln on three new developments Business
- Brook Barrington, state sector veteran, named head of MFAT Business
- Promapp hires marketing executive to lead push into US Business
- NZ dollar declines against Aussie ahead of RBA Business
Article - BusinessDesk
Barfoot's Auckland listings, sales extend gains in February
March 5 (BusinessDesk) - Auckland real estate firm Barfoot & Thompson lifted its property listings and sales last month, which slowed the pace of price rises as more houses were available to meet overheating demand.
New listings climbed 22 percent to 1,752 in February from a month earlier, while sales advanced 8.8 percent to 892, the realtor said in statement. Sale prices increased 0.6 percent to an average $604,164 from January.
"While choice is at its highest since June 2012, it may be a short-term situation as the number of properties for sale still remains at the lower end of the scale over the past decade," managing director Peter Thompson said. "A significant number of new builds have to reach the market before pressure will ease."
The limited supply of affordable housing is being felt most keenly in Auckland where a property bubble is threatening to re-emerge.
That lack of supply has attracted the attention of policy makers who are working through options to increase the amount of land available and to make it more viable for cheaper housing to be built.
Westpac economist Michael Gordon said listings are trending higher from the increase in sale prices, and he expects a 9 percent lift in nationwide sales prices over the course of the year.
"Our forecast is consistent with the housing boom moving into a mature stage, with the rate of growth in both prices and sales starting to level out," Gordon said in a note. "Even that would be of little comfort to the RBNZ - sustained increases in house prices would exacerbate both the inflationary and financial stability concerns that make up its current Policy Targets Agreement."
Barfoot had 3,988 properties on its books at the end of February, an eight month high.
The real estate firm sold 76 houses for $1 million or more, while 45 percent of all sales went for less than $500,000.
2 Mar 2015 News
There's no excuse for being overweight, you can judge kids by their names and it's okay to miss their birthday - that's the opinion of... more
2 Mar 2015 Business News
Article - BusinessDesk Govt resisting pressure to inject more cash into Solid Energy By Pattrick Smellie March 2... more
2 Mar 2015 Business News
By Paul McBeth March 2 (BusinessDesk) - KiwiRail, the unprofitable government-owned rail operator, reported a 6 percent drop in... more
2 Mar 2015 Food & Wine
New Zealand may have thrashed England on the cricket pitch, but the two countries went head to head with a strong team of sparkling... more
2 Mar 2015 Entertainment
A landmark release for Anzac Day 2015 and the 100th anniversary of the Gallipoli campaign. Based on real people and events, the... more
2 Mar 2015 Property
Pressure on home-buyers increases the number of long-term renters. Soaring house prices and tighter lending rules mean... more
2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more
2 Mar 2015 Travel & Tourism
Air New Zealand is promising more discounted fares as it adds hundreds of thousands of extra seats to its network where travel agents... more
2 Mar 2015 Cycling
Jason McCarty notched up his first win at the Burkes Cycles Speed League Summer Series Round 5, held at the Wellington... more
2 Mar 2015 Opinion
There had been a fortnight of fevered buildup. Yet here we are in the aftermath of the February 28 showdown between the new Syriza... more
27 Feb 2015 Opinion
Gordon Campbell on the wage hike for MPs, and Paul Robeson Hard to tell what is more infuriating. Is it the 5.3% increase on... more
20 Feb 2015 Appointments
Foreign Minister Murray McCully has named diplomat Billie Moore as New Zealand’s new Consul-General in Sydney. "Ms Moore will... more
2 Mar 2015 Recruitment
Bringing employers face-to-face with future workforce creates positive labour market outcomes, writes Mark Gillard, director of the... more