Fewer houses for sale as prices soar
Auckland housing affordability crisis deepening
Hot Topic
Hawke’s Bay
As Auckland house prices keep soaring, Harcourts chief executive Hayden Duncan says more needs to be done to speed up the construction of affordable housing.
Data from the company shows the average property price in Auckland/Northland is at a 12-month high of $767,254.
Mr Duncan says it is clear the Auckland property market needs significant capital investment to spur residential development and Auckland Council and the government must address the speed at which consents are processed.
“It is widely agreed prices will remain high for a number of years and there needs to be a more effective strategy to deal with the housing affordability crisis.”
Adding to housing woes is the shortage of properties available to buy. New listings for February were down 7.4% compared to last year and consents for new houses are lagging significantly behind population growth.
Mr Duncan says with written sales up 3.5%, this means a further tightening of supply putting more pressure on house prices with no end in sight.
Sally Lindsay
Tue, 03 Mar 2015
Tue, 03 Mar 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Fewer houses for sale as prices soar
45684