Barfoot's Auckland listings, sales extend gains in February 5 Mar 2013
- NZ dollar gains on rising business confidence Business
- New Labour-Greens MoU falls short of coalition Business
- Fonterra winds up $109M staff pension scheme Business
- Mercer Group to consolidate operations in Christchurch Business
- NZ "struggling to commercialise good innovation" Business
- Chinese airline stake in Virgin could help Air NZ sale Business
- Former SkyCity boss Nigel Morrison sells shares Business
- LINZ boss Mersi tapped to be Transport CEO Business
- NZ business confidence rises in May Business
- Snakk narrows annual loss 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.
16 May 2016 News
Asia New Zealand Foundation Shanghai trip to inspire New Zealand teachers A group of teachers hailing from Invercargill to Whangarei... more
16 May 2016 News
New Zealand Government Hon Louise Upston Minister for Women 15 May 2016 Highest ever percentage of women on state sector boards New... more
17 May 2016 Business News
Tuesday 17 May 2016 05:10 PM NZ dollar tumbles vs Aussie after RBA minutes, extends slide on inflation outlook May 17 ... more
29 May 2016 Arts
The Ageas Salisbury International Arts Festival, recently awarded silver for Best Tourism Event in South West Tourism Awards, is now... more
16 May 2016 Lifestyle
Crossing The Bridge Exhibition to Showcase Ashburton’s Migrant Community 16 May 2016 A photography and film exhibition... more
16 May 2016 Property
By Jonathan Underhill May 16 (BusinessDesk) - Kiwi Property Group, the country's biggest listed property investor by market value,... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
16 May 2016 NZ Tourism
Article - BusinessDesk Monday 16 May 2016 12:20 PM Jucy plans to expand pod-style hotel chain to Australia in 2017 By Fiona... more
16 May 2016 Sport
Kids' Lit Quiz New Zealand’s ‘other’ national sport has its time to shine Monday, May 16 2016: There’s no... more
16 May 2016 Column
Column - Gordon Campbell Gordon Campbell on New Zealand’s support for the Kazakh dictatorship Thanks to Sacha Baron... more
12 May 2016 Appointments
New Zealand Government Hon Anne Tolley Minister for Social Development 12 May 2016 New appointments to Vulnerable Children’s... more
28 Apr 2016 Appointments
University of Otago University of Otago appoints next Dean of Pharmacy A leading researcher from Canada has been appointed as the... more
10 Mar 2016 Recruitment
New Zealand Government Hon Michael Woodhouse Minister for Workplace Relations and Safety 10 March 2016 Zero-hour contracts gone, PPL... more