Property

Provinces suffering: Harcourts

Harcourts has reported a drop in new listings and sales in every region around the country.

Friday, March 14th 2014

In its latest MarketWatch report, it says total new listings in the Northern region, which covers Auckland and Northland, were down 2.4% in February on the year before. In the central region, they fell 21.1%. In Wellington, there were 4.1% fewer listings than in 2013.

In the South Island, Christchurch had 11.1% fewer listings in February than in the same month last year and the rest of the South Island had more than 25% fewer.

Written sales also dropped – by 3.8% in the Northern region, 2.3% in the Central region, 8.9% in Wellington, 6.7% in Christchurch and 10.3% in the wider South Island.

But prices were up – 18% in the Northern region, 15% in Wellington, 18% in Christchurch and 15% in the wider South Island, on average.

Chief executive Hayden Duncan said migration would keep pressure on in Auckland and Christchurch.

He said the two biggest cities also had not experienced much impact from the loan-to-value restrictions. “Although some first-home buyers and investors were temporarily deterred from making a purchase, they have found their way around the need for a 20% deposit by using second-tier lenders and borrowing from family.”

He said reports that some borrowers were using credit card debt were a concern.

But Duncan said provincial New Zealand was being hurt by the rules. The central region was the only one that reported a price drop, down 3%. “Harcourts’ sales consultants are reporting a cooling off in the level of interest and prices. However, in the provinces the market has never been overheated and LVR restrictions have simply made it more difficult for New Zealanders to buy an

Next Article

Hiking cycle begins

Comments

No comments yet

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Interest rate expectations: It’s not over yet

Thursday, March 07th 2024

Interest rate expectations: It’s not over yet

Most Kiwis think interest rate increases have peaked.