New Zealand Property Market Strong

Reports from Barfoot & Thompson indicate that Auckland’s real estate market had more activity in January than it has in the last five years, and that similarly strong …

Reports from Barfoot & Thompson indicate that Auckland’s real estate market had more activity in January than it has in the last five years, and that similarly strong growth is being seen throughout New Zealand. Statistics New Zealand shows permits for new houses and apartments up 9.4% in December and 24% for the entire year when compared to 2011. Analysts say the used property sector is also performing well, and that activity has continued through January even though it’s usually a quiet time for real estate sales because everyone is on vacation. For more on this continue reading the following article from Property Wire.

Both the new and used housing sectors in New Zealand are experiencing and active time with the latest figures showing strong growth.

The seasonally adjusted number of consents for new properties, including apartments, increased 9.4% in December 2012, the data from Statistics New Zealand shows.

Statistics manager Blair Cardno said that since the latest sector low point in March 2011, a clear trend has emerged showing an increase in new houses, both including and excluding apartments.
On an annual basis housing including apartments were up 23% and excluding apartments they were up 17%, while consents for new apartments were up 57%.

Auckland led the increase in the number of new houses in December 2012, up 21% and in Canterbury, due to the earthquakes, consents were up 69%.

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Overall in the 2012 year compared with the 2011 year, the number of consents for new houses increased by 24%, the largest number of new houses consented in a calendar year since 2008.
Meanwhile, the latest market report from estate agency group Barfoot & Thompson shows that the Auckland housing market has experienced its most active January in five years with significant levels of new listings and sales.

Compared to last January, the average price is up 13.4% and the average price also topped $600,000. Last month the firm listed 1,440 properties, the highest number in a January for five years, and 39.7% higher than in the same month last year.
During the month it sold 820 properties, a number that has not been achieved in a January for six years, and sales this January compared to last year were up 20.1%.

Managing director Peter Thompson said that the Auckland housing market is showing all the signs that it has picked up from where it left off in December, and that sales numbers and values will hold up through the remainder of the warm months to come.


‘Normally, January is a quiet month with so many people away from the city enjoying their summer break, but this has not been the case this year. It is always one of our lowest months for new listings, but interest in selling rolled over into January as a result of the excellent prices being achieved pre-Christmas, and our agents have been active since the first business day of the year,’ explained Thompson.

He pointed out that as always occurs at the start of a new year, prices edged lower than those before Christmas, but January’s average price of $600,754, is the first time the firm has achieved an average price above $600,000 in a January.
Thompson said the high number of new listings in January had slightly eased the lack of choice available in December, and at the end of January it had 3,763 properties on its books.

‘While this is 10.4% higher than in December, it is also 21% lower than in January last year, so the current situation of greater choice may not last long,’ he added.

Interest in high end properties remains, and 68 homes sold for $1 million or more in January. Of the total number of properties sold 383, or 47%, were for under $500,000, and of that number 130, or 15.9% of all homes, sold for under $300,000.

This article was republished with permission from Property Wire.


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