Auckland house prices up a record 26% in June year: REINZ 13 Jul 2015
Tina Morrison
Related articles
- NZ More Interested in All Whites than All Blacks Sport
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- Unemployment rate falls from 7.1 to 6 percent Recruitment
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
Article - BusinessDesk
Auckland house prices up 26% in June year, buyers looking further afield:
REINZ
By Tina Morrison
July 13 (BusinessDesk) - New Zealand house sales and median prices rose in June, with Auckland's median house price rising a record 26 percent to $755,000 over the past year, amid signs that supply shortages and surging prices in the country's largest city may be prompting buyers to look elsewhere.
The number of houses sold nationwide increased 29 percent to 7,426 in June compared with the same month a year earlier, according to the Real Estate Institute of New Zealand. Excluding Auckland, sales jumped 35 percent.
The national median price increased 5.4 percent to $450,000 in June compared with the same month a year earlier. Auckland's median price surged 26 percent to a record $755,000, while outside of Auckland the median price was steady at $340,000.
The Auckland property market has been a concern for policymakers due to its supply imbalance, and the Reserve Bank plans to impose lending restrictions on property investors from October, while the government has tasked its tax collection agency to police capital gains more forcefully.
New requirements that all second home buyers must supply a local bank account and New Zealand taxpayer number "may be having some impact at the top end of the market, but for the bulk of the market the trends evident over the past 12 months show no signs of abating,” said REINZ chief executive Colleen Milne. Legislation requiring that change has yet to be passed and will only apply from Oct. 1.
Labour Party analysis of leaked sales data, said to be from a large Auckland real estate firm, caused controversy over the weekend by claiming close to 40 percent of the sales appeared to be to buyers with what appeared to be Chinese surnames, prompting accusations of political point-scoring based on crude racial profiling.
Figures released by Quotable Value earlier this month showed house values in Auckland city jumped at their fastest pace in more than a decade in the year through June, prompting house hunters to spread their net wider, pushing up values in surrounding areas.
"There is increasing evidence that Aucklanders are looking out of the region for properties, both as owner-occupiers and for investment properties," said Milne. "Regions such as Northland and Waikato/Bay of Plenty have recorded significant drops in the volume of properties for sale over the past six months, with Aucklanders increasingly being identified as a significant buying group in these regions. Further afield, there is increasing evidence that Aucklanders are making up a larger portion of total buyers.”
Milne said prices were continuing to rise in Auckland, where inventory was tight, with less than 10 weeks of stock available.
"The Auckland region continues to experience low listing numbers and strong demand across the spectrum," Milne said. "Although some vendors are leaving Auckland, there are as many new buyers emerging, leaving the overall supply/demand situation more or less static."
In Northland, sales volumes rose 61 percent in June from the year earlier month, while the median price increased 6.8 percent to $315,000 with increased interest from Auckland buyers.
In Waikato/Bay of Plenty, sales volumes jumped 74 percent from the year earlier month, while the median price increased 3.2 percent to $346,750, with increased buyers from Auckland.
In Hawkes Bay, sales volume rose 43 percent while the median price advanced 3.1 percent to $280,000 as the number of first-home buyers increased while investors remained on the sidelines.
In Manawatu/Wanganui, sales volumes increased 52 percent while the median price edged up 0.1 percent to $231,250. Taranaki volumes jumped 14 percent while the median price slipped 1 percent to $303,250. In Wellington, volumes rose 24 percent while the median price edged up 1.3 percent to $390,000.
In Nelson/Marlborough, volumes rose 15 percent while the median price slipped 3.6 percent to $348,900. In Canterbury/Westland, sales volumes gained 7.4 percent while the median price edged up 2 percent to $418,000.
In the Central Otago Lakes region, volumes rose 24 percent while the median price advanced 11 percent to $512,500. In the Otago region, volumes jumped 29 percent while the median price rose 6 percent to $249,000, and in Southland volumes edged up 4.5 percent while the median price gained 24 percent to $205,000.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more