Auckland’s average house-sale price reaches a record $697,454

The proportion of first-home buyers in the market has declined in most centres.


First-home buyers may be squeezed out but property prices in Auckland remain high as one agency reports record average sale prices.
March residential data from Harcourts for Auckland and Northland shows its average sales price now sits at a record high of $697,454.

That is up 12 per cent on the same time last year and 9 per cent on February’s figures.
New analysis this week showed mortgage-lending restrictions have dampened demand from first-home buyers, and interest rates have also gone up.

But Harcourts chief executive Hayden Duncan said its figures showed overall demand was undented as “there are more buyers than there are houses”.
“The only way to slow prices in Auckland is the mass construction of new houses to meet the demand.
“While more construction is planned, we are a long way off achieving the numbers needed. Expect prices to continue to climb for some time yet.”

Link

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11236108



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