Auckland residential rents are rising according to data from one of the city’s biggest managers which says landlords are facing increasing costs.
High house prices are a worldwide worry and no country has worked out how to tame them, says the boss of one of New Zealand’s biggest real estate firms.
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.
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.
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.
Auckland’s housing market stalled in the last three months with property values falling by 0.6 per cent and buyers unable to get finance being blamed.