Barfoot's Auckland listings, sales extend gains in February   5 Mar 2013

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.

(BusinessDesk)

Add a comment

Bookmark and Share

News

First steps taken towards flag referendum

29 Oct 2014 News
New Zealand Government Rt Hon John KeyPrime Minister Hon Bill EnglishDeputy Prime Minister 29 October 2014 Cabinet has agreed on the... more

NZ to join global crackdown on tax evasion

29 Oct 2014 News
Revenue Minister Todd McClay today announced New Zealand’s timetable for participation in a global automatic exchange of... more

Business

NZ dollar holds gains as traders await central bank meetings

28 Oct 2014 Business News
By Paul McBeth Oct. 28 (BusinessDesk) - The New Zealand dollar held gains in the local trading session as traders remain cautious... more

Orion Health seeks up to $150mln, eschews forecasts

28 Oct 2014 Business News
By Fiona Rotherham Oct. 28 (BusinessDesk) - Orion Health Group, which develops software systems for patient health management, wants... more

Living

Duo wins MKR NZ by just one point

29 Oct 2014 Food & Wine
Neena and Belinda have won the first season of My Kitchen Rules New Zealand. The "Modern Day Hippies" beat Aaron and Heather in... more

MKRNZ - The WeedEaters are cleaning up

28 Oct 2014 Food & Wine
Modern Day Hippies Neena and Belinda breezed through the semi finals last night on My Kitchen Rules New Zealand and no one could be... more

Property

Goodman Property sells three Christchurch sites for $18.9M

28 Oct 2014 Property
By Suze Metherell Oct. 28 (BusinessDesk) - Goodman Property Trust, the biggest listed property investor by market value, sold two... more

Double-digit rate increases loom

24 Oct 2014 Property
Aucklanders living in the ‘hottest suburbs’ could be the big losers, while businesses will come out winners Rate rises... more

Migration

New Zealand Named The Best Place For Raising Children

24 Oct 2014 Migration
New Zealand has been named the best place to raise a child in the Raising Children Abroad annual league table. According to the HSBC... more

Desperate employers keeping overstayers

24 Oct 2014 Migration
Desperate employers seeking to fill job shortages are keeping migrant workers who previously held a work visa in New Zealand... more

Travel

Air New Zealand's GENIUS Hobbit themed safety video

24 Oct 2014 Travel & Tourism
Giving flyers an Unexpected Journey! Elijah Wood and Sir Peter Jackson star in 'epic' Hobbit themed Air New Zealand safety video Air... more

Travel 'interns wanted' to tour 2000km of NZ

24 Oct 2014 Travel & Tourism
Forget a summer internship of fetching coffee and photocopying - a travel company is offering a $30,000, 10-day, 2000km tour of New... more

Sport

NZ Rugby League: Matagi to debut against Samoa

29 Oct 2014 Rugby League
Vodafone Warriors prop Suaia Matagi is poised to play his first test for the NZ Kiwis against his old team-mates, Toa Samoa, at... more

Cancer Society named official charity for Cricket World Cup

28 Oct 2014 Cricket
ICC Cricket World Cup 2015 Cancer Society named official charity in New Zealand for ICC Cricket World Cup 2015 The Cancer Society has... more

Columns

The return of Occupy London: this time it’s truly political

28 Oct 2014 Opinion
Article - Adam Parsons The return of Occupy London: this time it’s truly political by Adam Parsons22 October 2014more

Gordon Campbell on the TPP finishing line, and Amazon’s woes

28 Oct 2014 Column
Column - Gordon Campbell Gordon Campbell on the TPP finishing line, and Amazon’s woes by Gordon Campbell If the Trans Pa... more

Kiwi Success

New Ambassador to France appointed

28 Oct 2014 Appointments
Minister of Foreign Affairs Foreign Minister Murray McCully has appointed diplomat James Kember as New Zealand’s next... more

Jim Hickey hangs up his umbrella

24 Oct 2014 People
Veteran weathercaster Jim Hickey has announced his retirement today, saying is was a tough decision. "I feel like I'm subbing off at... more

Recruitment

More than 600 take up 3K to Christchurch jobs

28 Oct 2014 Recruitment
Social Development Minister Anne Tolley says the Government’s 3K to Christchurch scheme is a winner with 633 unemployed people... more

UK ambulance service poaches Kiwi paramedics

24 Oct 2014 Recruitment
New Zealand paramedics are being poached by Britain's busiest ambulance service. Interviews were held in Auckland on Friday and... more