Housing sectors in New Zealand continue to experience strong growth
|Thursday, 07 February 2013|
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.
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%.
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.
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.
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.
‘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 story relates to: [SEE ALL]
BOOKMARK THIS PAGE (What is this?)
Search for Properties:
It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.