Mortgage restrictions no barrier to Auckland house price increases
If the Reserve Bank restrictions on mortgage lending are to have an impact on the Auckland housing market, they are yet to show up in housing activity or sales prices.
“November was yet another busy trading month with the average sales price achieved increasing by 3.2 per cent over that for October to $684,646 while the median price increased by 5.3 per cent to $621,400,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“What has to be factored into November’s sales figures is that it is traditionally one of the strongest trading months of the year, particularly for high end homes,” he adds. “In November we sold 189 homes for in excess of $1 million, our highest monthly number ever.”
“Overall, November was less active than October, and what may have occurred in October was a rush of activity in anticipation that change was about to happen, with people determined to get their property intentions sorted ahead of that change.”