Harcourts' sales took a slight dip last month, with the company selling 2061 homes throughout the country in June, down 5.7% compared to the 2185 it sold in May, but still up a whopping 31.2% compared to the 1571 homes it sold in June last year.
Prices were a mixed bag with average selling prices rising in the upper North Island compared to May, but posting declines for the month everywhere else.
In the Northland/Auckland region, Harcourts' average selling price was $827,679 in June, compared to $796,558 in May and $721,633 in June last year.
Harcourts monthly sales report said new listings in Northland/Auckland in June were up 46.7% compared with June last year, while overall inventory for sale was down 14%, indicating a continued overall tightening of supply.
"The strong demand experienced over the past two months is continuing," the report said.
In Wellington the average selling price was $354,394 in June, down from $372,969 in May and up just 1% compared with the average selling price of $349,994 in June last year.
In Christchurch the average selling price was $491,990 in June compared with $528,459 in May and $529,092 in June last year, meaning it has declined by 7% in the last 12 months.
Harcourts chief executive Hayden Duncan said last month was the best June month for sales the company had ever had, and that followed its best ever May in the previous month.
"It's particularly good to see the strong sales volumes in other areas besides Auckland," Duncan said.
"The Central region of the North Island, which includes Waikato and Bay of Plenty, is also turning in some outstanding results.
"It's possible that with demand far outstripping supply in Auckland, potential buyers are turning their attention to other areas.
"That's great news, although it will begin to impact supply in those areas, where inventory is also taking a hit, and that will impact on average prices," he said.
You can read Harcourts' full sales report for June by clicking on the following link:
27 Comments
Fix the NZ$ to the US$? And bring in Capital and Exchange Controls to regulate the flow of foreign capital? Short of that , nothing can be done (and even those similar measures don't appear to be working in China!). In a global world gone mad on free/cheap debt, it will find a way to translate itself into hard assets...one way or another....
I agree, Chris_J.
You should put a white and pointy hat with only two holes for your eyes to see through, and yell 'kill those Chinese' to solve your problem. Of course, other races that do the exactly same thing to create and exacerbate 'the problem' do not apply.
I'd google online first. Plenty agents will take care you. I understand your underlying message.
Here is an example.
Prostitute is legal in NZ but not in China. A foreigner can buy sex in NZ but a NZer cannot buy sex in China. Whose problem is this then?
On that note, I always believe allowing foreigner ownership of NZ 2nd hand residential properties is crazy. The Govt, if having half of a brain, would amend its policy to ban such ownership.
What I feel really bad about is the racial part of it. How would NZ citizens and residents with Chinese ethnicity think about it, feel about it? Can politicians keep this issue within the perimeter of foreigners vs NZers?
They of course have their tactics. by throwing the race in, you will have more media attention. But does it help to solve any problems?
the race issue was blown up by nationals henchmen because they know they cant defend the indefensible for allowing ANY foreign owner of NZ residential Property no matter where they come from.
they have been using smokescreens and diversions for 7 years on a range of issues and have a whole army ready to trot out on media or blog sites when they want to turn attention away from the real issue
Frazz you are only asking xingmowang as you think he's Chinese!! Have you ever considered that he/she might also be a NZ citizen!
As xingmowang states below it is the laws that are different......the Chinese are certainly not responsible for the laws that get made in China......just like NZ'er have no say or vote in our laws........
I don't like it that I can't buy property in China either but I'm not going to take it out on Chinese people.
I do hope your are aware that Chinese who come here and become NZ citizens lose their Chinese citizenship....so for them they cannot go back to China and buy property there either!!
Who's taking it out on Chinese people? Simply stated I am seeking level playing field, if I cannot purchase land/houses in China, then Chinese should not be able to purchase land/houses here.
"just like NZ'er have no say or vote in our laws" really I must be living in another NZ then, quite confused by your comments?
Oh dear sorry I must've been asleep......Did NZ hold a referendum on FTA that was signed with China?
Did NZ hold a referendum on the changes that were made to Magna Carta and Habeas Corpus etc ??? Were we consulted on NZBORA and did we get to vote for each clause etc???
Are you suggesting that one vote every 3 years is enough for good quality democracy and solving a countries problems !?!?
frazz, the last word I heard on this matter of us buying "property" in China was two days ago on the Communists Party's radio station here, Radio NZ. They had a Kiwi, China based lawyer on who said we can only buy an apartment (one only) in a designated city, we have to live in it (not rent it out), we have to have been domicile in China for 5 years and that all the titles are what we call leasehold.
Apparently a NZ government cannot bar Chineese from buying here as it is expressly provided for in the China "Free Trade" agreement (I have not checked for this myself).
You are correct Ergophobia. The Free Trade Agreement stipulated that previously existing laws and regulations which predate the Free Trade Agreement with China are exempted if they are in conflict with the Trade Agreement, but if the government changes the law, and the said law breaches the terms and provisions of the Agreement they will face penalties under the investor state dispute resolution process.
"Both countries have agreed to treat investors and investments of the other country at least as well as they treat their own investors ('national treatment'). The obligation is subject to an exception for existing non-conforming measures (existing laws and regulations that are not in conformance with the FTA), although it includes a 'ratchet' mechanism under which any improvement in such measures is automatically locked-in for Chinese investors."
http://www.chinafta.govt.nz/1-The-agreement/1-Key-outcomes/3-Investment…
So there you have it.
.
Held to ransom already, and by a bloody TRADE agreement.
.
Expect more of this when the TPPA comes in
because we'll have the Chinese agreement on one, side, and all the other pacific rim countries on the other.
And our beautiful Aotearoa New Zealand will no longer be ours.
Time to resurrect Te Tiriti O Waitangi.
Might be our only hope to stop this madness
Perhaps Beijing was being too clever
In China, in order to restrain the 2011 property boom, cities such as Beijing and Shanghai - amongst others - imposed a blanket ban on non-resident purchases of residential property, which in practice also blocked purchases by Chinese residents from other provinces. (residents from the provinces were also prohibited from becoming residents of those cities)
A non-resident is a non-resident.
In doing so, Beijing introduced measures after (post) the China-NZ FTA without NZ's approval - which means the Mandarins in Wellington can now do exactly the same to Auckland - without tripping over the FTA
If Beijing can excise major cities without breaching the FTA then Wellington can excise Auckland
Yes but their leaders attitude to changing rules that go against what they have signed and our leaders are poles apart. That's where the difficulty of culture difference comes in
Theirs we will do what it takes to look after our citizens
Ours well we signed a contract
The bubble will burst at some stage. The thing with NZers, is that they think if they don't buy, they will miss out, which is the old greed mentality. I suggest buying in Hamilton instead. Houses are a lot cheaper, and the salaries aren't much less.
Chch was a bubble, but it is now deflating, as it should. When the Auckland bubble does burst, it will also be the overseas investor buyers who will take a hit.
This is where you are wrong, it is going to get far worse before it gets better.
I would predict, within 5 years the average price in auckland will be nearing 2 million . Simply because China is relaxing capital export restrictions, chinese like auckland and it have a large culture there now ,and we are a minnow compared to the chinese giant. China could afford to buy NZ 1000 times over. Their banks are massive. And, our top politicians do not seem concerned nor do they think foreign money is to blame.
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