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Record apartment supply due for completion

A record number of apartments are due to be completed in Auckland in the coming years, according to the latest report from Colliers International.

The report showed a total of 5,033 units in 75 projects are due for completion in 2017-2018, and a further 5,922 units in 62 projects in 2019-2010.

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Property prices still on hold

The New Zealand property market continues its holding patterns as we wait for an election outcome, new figures from Trade Me Property’s Price Index shows.

Head of Trade Me Property Nigel Jeffries said the average asking price for a typical Kiwi house has stalled for a second month, up a minuscule 1.1% year-on-year in September and down 1% on August to $607,400.

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House sale volumes drop

The number of property sales across the country dropped 26% last month, with all 16 regions recording a decline, according to the Real Estate Institute (REINZ).

A total of 5,428 properties were sold across the country in September, down from 7,352 sales in September 2016 and marking the lowest level for the month in six years, REINZ said.

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Home affordability up

Affordability has improved in seven out of 13 New Zealand regions from June to August, showing an improvement in national affordability of 2.1% for the quarter, latest home affordability figures from Massey University show.

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Home consents highest since 2004

Monthly building consents for new homes reached a 13-year-high in August, driven by a spike in apartments and retirement village units in Auckland, Statistics New Zealand announced last week.

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