October results a mixed bag

Tuesday 14 November 2017

Harcourts figures for October show a housing market that is slowing down, but still positive for investors according to CEO Chris Kennedy.

The national house price in October stood at $586, 954, which represents at 1% decrease compared with last October. Auckland showed better signs of growth, up 4.73% when compared to last October, with an average house price of $963,359.

The total number of new listings around the country has also held steady, with just 0.4% few new listings than last year.

But it’s auctions that have taken the biggest hit, down 19.9% since last October. Harcourts CEO says that there is a general consensus that auctions work best in a booming market.

House prices in the South Island held their course in October, with an unspectacular 1% on last year to an average of $382, 493. This figure pales in comparison to September’s vertiginous rise of 19% when compared year on year, but Kennedy says there’s no need to press the panic button just yet.

“This part of the country represents incredible value for money and that will be enough to keep sales moving.”

He continues by adding that markets around the country are fluctuating at present, and the South Island is no different.

“Things will settled as buyers and sellers get a read on the new government and start looking for the best buys around the country,” he says.

Comments from our readers

No comments yet

Sign In / Register to add your comment

Property News

Migration flow lowest since late 2015

New Zealand’s years of record breaking migration appear to be over with the latest Stats NZ data showing annual net migration at its lowest since November 2015.

House Prices

KiwiBuild success would slow market - TMP

Success with the KiwiBuild project could further slow the property market, which is already feeling the impact of a winter chill, according to Trade Me Property.

Commercial

Getting to grips with leases

Leases are at the heart of commercial property investment yet many people don’t take the time to understand them and suffer as a result.

Mortgages

Avoid the one bank trap

Investors can be controlled by their bank - and get badly caught out when they sell - if they rely on one lender, advisers are warning.

Site by PHP Developer