Property Council strongly supports the Government’s recent statement that insufficient land supply and overly restrictive district plans are the cause of soaring house prices.
But too much finger pointing is stopping the country from moving forward in the housing supply debate.
Auckland’s three-yearly general property revaluation is well underway, with indicative data showing significant value movements across the region.
A report is going to Thursday’s Finance and Performance Committee:
Auckland home sellers want more for their homes than ever before, according to Realestate.co.nz, the website with New Zealand’s largest number of homes for sale. In June, the average asking price for homes in Auckland reached an all-time record of $732,240.
Provisional residential data from New Zealand’s largest real estate group Harcourts for the month of May shows house prices remain steady, with the average sales price now sitting at $688,209 in the Northern Region. This is up 11% on the same time last year.
5,670 dwellings sold in April 2014, down 20.2% on April 2013 and down 22.5% on March
All regions saw declines in sales numbers compared to March and to April 2013
The National, Auckland and Christchurch House Price Indices all recorded record highs in March 2014
The Bank of New Zealand’s Nine Rewards Consumer Trends Survey indicates that interest in buying residential rental property has almost doubled since the LVRs were introduced.
House price expectations remain elevated in the latest ASB Housing Confidence Survey, but it has suffered a dent, with a net 47% of respondents expecting house prices will increase over the next 12 months.
The latest monthly property value index shows that nationwide residential values for January have increased 9.6% over the past year, and 2.2 over the past three months. This means they are now 12.8% above the previous market peak of late 2007.
The New Zealand property market registered the lowest number of new listings in December, foreshadowing a potential housing stock shortage in early 2014.
The lifting of loan-to-value (LVR) restrictions on new builds is a tremendous early Christmas present for those who housing dreams seemed shattered a couple of months ago, Mike Pero Real Estate CEO Mike Pero says.
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