• Full Story

Record level asking prices in sellers' market

Email
Print

Home asking prices reach record level

3News NZ

The high demand for homes helped push up the average asking price to a record level last month

The high demand for homes helped push up the average asking price to a record level last month

When it comes to housing, it's a sellers market, which is bad news for people wanting to get on the property ladder here.

The latest monthly figures from Realestate.co.nz say that demand is still out-stripping supply.

The number of houses up for sale is now at its lowest level for more than four years.

Chief executive of Realestate.co.nz, Alistair Helm, says it's a problem across the country.

“For the year to date, property sales are up 25 percent compared to last year, whereas new listings coming in on the market are only up 6 percent,” he says. “That’s why were seeing this continuing shortage of listings on the market.”

But the high demand for homes helped push up the average asking price to a record level last month.

RadioLIVE

Post a Comment

Before commenting, please take the time to read our moderation guide


(Won't be published)



Comments

4/07/2012 2:20:59 p.m.

zu wrote:

Not only housing has gone up! Everything including land,materials required for building a house. What else? Endless!

1/07/2012 5:52:35 p.m.

eddiewano wrote:

Build baby build...

1/07/2012 4:44:05 p.m.

Mike wrote:

The RMA was always going to reduce supply of new housing and it has done so. More housing for Auckland to fix this would lower house prices and rents, add construction growth similar to Christchurch's rebuild in size, and every other dependent industry.

We have a housing shortage pushing up home prices, and with it rents.

We also have low interest rates so on the other side housing is more affordable from the lower mortage rates - reguardless of what political claptrap the left spouts.

The problem is people today consider more luxeries as requirements to live. If your on a benefit and dont have Sky TV and a 42" flat screen - your below the povery line!

Those on welfare drink/smoke more than those who are not. While more money is always easier, current welfare levels are more than enough and it is only excessive spending on non-essentials that making living on welfare difficult. Then again if dotcoms wife had to make-do on say $1 mil a year she would be screaming that its not possible to survive on so little!

NZ needs to have less dependants on welfare, and more earners. Just throwing more burden on the currently earning wont fix this as the left claims. You can live on takeaways for foodbill considered below the poverty line while non-takeaways are much cheaper. We also need to addresss unsustainable problems like our growing super problem. NZ can't afford this growing cost and no political party is willing to fix it.

NZ needs to spend billions each year on infrastructure, billions more than we are currently spending - again more construction and followup jobs. With the recession we can't afford this currently. It would have been nice if the prior govt in boom times started that spend vs vote buying increases to welfare. NZ's future vs short term votes - we know which was chosen.

Its not all bad news. 1.1% growth this last quarter, one of the best figures in the OECD.

1/07/2012 4:40:13 p.m.

wondering wrote:

I am wondering how this can be if the same residential and commercial properties have been on the market for the last 4 yrs. How come even despite prices dropping by a 3rd or more these properties are not selling. How with the huge hike in the number of mortgagee sales and the below GV valuation prices can it be a sellers market????

1/07/2012 4:35:31 p.m.

bukster wrote:

Oh come on, you're kidding me. We've already been through this and the crash that must follow. Surely insane house prices are a thing of the past by now.

1/07/2012 3:52:29 p.m.

David wrote:

More dodgey landlords overinflating house price values again... meaning the likelyhood is that the housing market is in for another serious crash. We truely need to introduce a Capital gains tax to make housing more affordable for kiwi families. Dont listen to the crap the liars tell you about rents going up.... hasnt happened in any country that has introduced a capital gains tax. Its absolute rubbish but right wing liars (the ones who are overinflating housing prices) talk about doom, gloom and increased rental prices. All of it garbage thought up by an empty mind. The market determines rental prices... not individual landlords... and most landlords hold onto rental properties for years/decades. Its non landlords... those turning over houses for profits that are the biggest issue.

1/07/2012 1:29:19 p.m.

Graeme wrote:

Being unable to enter the market may be your blessing in disguise.Wondering why we aren't getting a recovery after five years? We are in a depression. Housing price will trend down for the next five years... Check out - yeah it's really ugly! Steve Keen: Why 2012 Is Shaping Up To Be A Particularly Ugly Year

1/07/2012 1:17:24 p.m.

pete wrote:

Housing should be affordable for anyone,no matter where you live,i have always asked myself,with the lower wages on offer back home (nz) why are houses so expensive.I presume potential buyers are aware that they are funding the lifestyle of real estate agents with the commission they get from selling a house.On a scale i put them on par with car salesmen,its a disgrace that this has been allowed to happen,its all about greed these days and to hell with everyone else,who cares about the next generation.