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

Housing risks to peak in 2018

The risks posed by rampant house price growth and high household borrowing have peaked and the scene is now set for a rebalancing, according to global ratings agency Standard & Poors.

House Prices

Capital prices hit record high

It’s been a slow, cool start to the year for much of New Zealand’s property market but new data suggests the Wellington market is bucking the trend.

Commercial

Greater flexibility for earthquake fund

Further changes have been made to the government’s unreinforced masonry securing fund (URM Fund) which assists earthquake proofing work.

Mortgages

Growth outlook overshadows OCR call

New Zealand’s lower economic growth was acknowledged by the Reserve Bank in its OCR statement today – which means there's a chance their next call could be more doveish.

Site by PHP Developer