Auckland houses prices fall in February as volume, listings pick up
The average sale price slipped to $747,521, from $757,319 in January and was up from the February 2014 average of $678,533.
Auckland house prices fell in February, as listings rose and the number of properties sold reached its second-highest level in seven years for that month, according to the city's largest realtor.
The average sale price slipped to $747,521, from $757,319 in January and was up from the February 2014 average of $678,533, Barfoot & Thompson said in a statement. February's median price declined 1.9% from January to $686,500 but was up 11% on the same month a year earlier.
Reserve Bank governor Graeme Wheeler told a select committee last month that Auckland has a shortfall of properties needed to meet growing demand in New Zealand's fastest-growing city. The central bank is considering introducing other macro-prudential tools, rather than lift the official cash rate any further.
New Zealand residential property values rose at the fastest pace in five months in February, according to the state-owned valuer Quotable Value. National property values rose 6.4% over the past year, led by growth in Auckland, QV said. More homes have come on to the market during February, helping ease a listing shortage, and sales and mortgage approvals are also ahead of January.
"Recent housing market figures appear to be affected by seasonality, due to unseasonably strong activity in December," Chris Tennent-Brown, economist at ASB, says. Still, "the broad trend continues to indicate a lift in housing demand and turnover, while supply remains very tight. Auckland house price inflation has recently reaccelerated. We expect this trend to continue, particularly given recent declines in mortgage lending rates will fuel already-strong demand."
Barfoot & Thompson said February sales slipped 1.9% to 843 from the previous month but were up 9.3% from the same month a year earlier. New listings jumped 48% to 1771 in the month and were up 6.4% on the year earlier.
The agency had 3258 houses on its books at the end of last month, up 11% from January, but down 11% from February 2014.
(BusinessDesk)
Suze Metherell
Wed, 04 Mar 2015
Wed, 04 Mar 2015
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Auckland houses prices fall in February as volume, listings pick up
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