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
Investor confidence slumps
Confidence in the outlook for residential property prices has fallen dramatically, according to Colliers International’s first quarterly survey since the election.
House Prices
Slow growth trend takes hold
Property values around most of the country continued to increase in 2017 but the rate of growth has slowed to a crawl and sales have plummeted.
Commercial
Listed property trusts uncovered
For investors wanting to diversify their portfolios, listed property trusts (LPTs) are worth looking into but it pays to find out how they work first.
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.
