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House sales prices up again - go figure!

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  • House sales prices up again - go figure!

    Some points from the info from Barfoot & Thompson.....
    • Almost same number of property listings as this time last year
    • Average sales price up 18.5% on October 2020
    • Median price up 27.3%

    Auckland Home Buyers Focus on Higher-Priced Properties

    The threat of rising mortgage interest rates had no impact on Auckland house sales activity in November, with prices continuing to rise and sales numbers edging closer to pre-Covid lockdown numbers.

    “The Auckland market showed minimal concerns about impending interest rates rises and continued to work around the limitations imposed by the Covid lockdown,” said Peter Thompson, Managing Director of Barfoot & Thompson.
    “In recent months the trend had been a gradual decline in the rate at which prices were increasing but this stalled in November with the rate of increase edging up.

    “Rather than seeing this as the start of a new cycle of higher increases, it is more likely to be a consequence of the abnormally high number of homes we sold in the higher price categories. Of the 1182 homes we sold, 960 (81.2 per cent of sales) were for more than $1 million, and of the 960, 216 were for more than $2 million.

    “The average price for the month at $1,250,886 was up 5.2 per cent on that for October, and 18.5 per cent higher than at this time last year.

    “The same movement was seen for the median price, which at $1,240,000, was up 7.8 per cent on October’s and 27.3 per cent higher than this time last year.

    “Sales for the month at 1182 were the highest since the Covid lockdown was introduced in August but were still a quarter down on those for November last year, which was not restricted by lockdown regulations.

    “A feature of the month’s trading was the growth in the number of new listings we brought to market.

    “At 2724 for the month, it was a third higher than last month and 16.7 per cent higher than in November last year.

    “With a further easing of trading restrictions in December, the Auckland housing market is now close to returning to the point where normal supply and demand factors are the major influencers on trading.

    “At month end we had 3933 homes on our books, close to where the market was at this time last year.

    “Rural and lifestyle markets have been affected by the changes trading banks have made to the way they are assessing and approving mortgage lending in non-urban areas. The criteria are not necessarily tighter, but the process has reduced the number of buyers in the market.

    “Listings in the rural and lifestyle markets have increased this month compared to the middle part of the year with buyer interest mainly focused on quality homes on 1 ha sites or larger 20 ha plots.”

    Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.
    Source - from an email sent to me.


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  • #2
    Not to worry. ASB airheads say the end of rising prices is nigh.

    Well - sort-of, anyway. (Seems you need to be wearing a hat to understand. )


    • #3
      Trust the Economists!
      And maybe the science.
      The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.


      • #4
        Originally posted by PC View Post
        Trust the Economists!
        And maybe the science.
        One problem with the "interpreted more as a hat-tip to the risk profile than a precise point forecast" thing is they didn't say what material the hat was made of. Might be tin foil.


        • #5

          ANZ revises house price forecast, now expects 4% drop by mid next year
          14 Dec 2021

          Originally posted by STUFFed
          ANZ now expects house prices to fall 4 per cent by the middle of next year, before resuming milder growth after that. The country’s biggest bank had previously expected house prices to edge up 1 per cent overall next year, still below the rate of inflation.

          But it now expects prices to drop 3 per cent over 2022 as a whole, as higher mortgage rates, tighter lending conditions and “robust supply growth” kick in. It said current housing supply growth was “far outstripping” new demand, describing population growth as “anaemic” with the border closed.
          Anyone else seen that oddity? I.e. Too many houses and too few buyers?


          • #6
            Originally posted by Perry View Post

            Anyone else seen that oddity? I.e. Too many houses and too few buyers?

            What are you seeing?

            1) too many houses?
            2) too few buyers?


            • #7
              Neither. All I see is a hologram that says, "what planet are these [econ-o-mist] people on?"


              • #8
                What lies ahead for the NZ housing market in 2022?
                27 Dec 2021
                The relentless rise of house prices defined the market in 2021, but experts say the tide has turned and next year will be different. House price issues have multiple parts, with housing supply, affordability, interest rates, the lending environment and the rental market in the mix. And there are big questions around the outlook for all of them.

                The expert consensus was that the market was past its peak, and price increases would level off. Many economists have revised their price forecasts downwards, although modestly. The Reserve Bank has picked a 5 per cent fall over the next few years. ANZ now expects prices to fall 4 per cent by the middle of next year, while ASB has picked a similar decline in the second part of the year.
                Note the words, "picked," "expects," "consensus' - the sort of words often applied to nags so are to be heard in the stands on race day.


                • #9
                  Maybe more taxes will fix it?
                  The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.


                  • #10
                    Don't tempt fate!!

                    Comrade commissar RobUsum might hear you.


                    • #11