Barfoot's Auckland listings, sales extend gains in February 5 Mar 2013
- MARKET CLOSE: NZ shares rise, led by A2, Spark rebounds Business
- HomeStart package for 90,000 first home buyers News
- Scion follows Flirtey in trialling new drone technologies Business
- MYOB IPO and ASX listing unlikely to weigh on Xero: ForBarr Business
- RESEND: Datacom wins A$242M Australian health contract Business
- Datacom wins $242M Australian federal health IT contract Business
- F&P Finance mulls future of Equipment Finance unit Business
- NZ property values rise at fastest pace in 9 months in March: QV Property
- Diligent names Brian Stafford as CEO, replacing Sodi Kiwi Success
- Regulator to review UBA standard 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.
1 Apr 2015 News
Police Minister Michael Woodhouse welcomes crime data released today showing recorded crime has dropped by more than 100,000... more
31 Mar 2015 Business News
March 31 (BusinessDesk) - The government is floating the idea of businesses paying their tax on a pay-as-you-go (PAYE) basis, like... more
30 Mar 2015 Business News
March 30 (BusinessDesk) - Mark Powell will step down as chief executive of Warehouse Group by February 2016 after 14 years, the last... more
13 Mar 2015 Lifestyle
Fusing light, music, mobile and one of Auckland’s most recognisable landmarks together – 2degrees launched another Kiwi... more
1 Apr 2015 Property
NZ property values rise at fastest pace in 9 months in March: QV April 1 (BusinessDesk) - New Zealand residential property... 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
17 Mar 2015 Travel & Tourism
Associate Transport Minister Craig Foss is welcoming a move by the rental vehicle industry to establish a Code of Best Practice to... more
6 Mar 2015 Travel & Tourism
Sustainable workforce solutions were at the centre of discussions between Government Ministers and tourism industry representatives... more
1 Apr 2015 Rugby
Incoming NZ Kiwi Ferns coach Alan Jackson will be missing several veteran performers, when he leads the national... more
31 Mar 2015 Cricket
The team was chosen by a select group of experts who were given the task of picking a balanced side on the basis of performances in... more
1 Apr 2015 Column
On combatting sexual violence, the government has finally begun to undo some of the problems that were of its own making. Early in... more
1 Apr 2015 Appointments
Diligent names Brian Stafford as new CEO; Sodi to focus on product design and development April 1 (BusinessDesk) - Diligent Board... more
26 Mar 2015 Recruitment
Workplace Relations and Safety Minister Michael Woodhouse today announced a package of measures to strengthen enforcement of minimum... more
20 Mar 2015 Recruitment
RESEND: Warehouse says 63% of permanent staff now on 'career retailer wage' (Fixes fourth paragraph to show Warehouse is... more