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House prices and rents rise in Auckland in March
House prices in Auckland, New Zealand, look set to continue rising throughout this year after a buys month of March, and rents are also up, the latest index figures show. The average sale price for the month was $866,782, and the median price was $798,000, according to the latest data monthly report from real estate agents Barfoot & Thompson. The March average sales price was the third highest on record, within $10,000 of the all-time high in November last year, and 5.4% higher than last month while the median price at $798,000 is the second highest on record, within $2000 of the all-time high in December last year, and up 8.1% on February’s median price. ‘March is always one of the busiest sales months of the year, and a good indicator of where prices are tracking for the remainder of the year,’ said Peter Thompson, managing director of Barfoot & Thompson. ‘When prices are this strong in March the trend is for prices to hold steady through the year. As it has been for the past two years, lack of supply remains the main price driver. New listings in the month at 1,874 were solid, but by month end, the number of available listings at 3,093 was a decline of 6.8% on the number the month previously,’ he pointed out. ‘There has been a definite increase in the number of properties being sold under the hammer at auction, indicating keen buyer competition for available properties. Although a record number of building permits are being issued, and new homes are springing up everywhere, Auckland is simply not building homes fast enough to keep up with the growing population,’ he added. He also pointed out that Statistics New Zealand reported that in February alone the population of Auckland increased by about 3,000 people. Based on the Auckland average occupancy for houses, of three people to a property, theoretically 1,000 additional properties would have had to become available in the month to house such growth. The data also shows that in March the firm sold 474 properties for in excess of $1 million, the highest number ever in one month and it represented more than a third of all properties sold. At the other end of the scale, 146 properties, or 10.9%, sold for under $500,000. Data from the firm also shows that the average weekly rent for one bedroom properties has risen by 4.8% from $316 to $331 year on year, while for two bedrooms rents are up 6.3% from $398 to $423. Rents for three bedrooms are up by 5.6% from $486 to $510 compared with March 2015, four bedroom rents increased by 5.1% from $614 to $644 and for five or more bedroom rents were up by 5.8% from $755 to $791. Thompson explained that Auckland's usual rise in rent didn't occur in March and over the last 12 months, Auckland saw an increase of $28 or 5.8% for all property types. However in the… Continue reading
Property prices in Ireland still rising but growth has slowed compared to a year ago
Residential property prices in Ireland increased by 7.4% in the 12 months to March 2016, down slightly from the 8% recorded in February. The latest data from the Central Statistics Office also show that while house prices are still rising the growth has slowed. In March 2015 the annual rise was 16.8%. Month on month property prices increased by 0.3% compared with no change recorded in February and an increase of 0.9% recorded in March of last year. In Dublin residential property prices increased by 0.9% in March and were 3.9% higher than a year ago. Dublin house prices increased by 1.2% in the month and were 4.1% higher compared to a year earlier. Dublin apartment prices were 1.6% higher when compared with the same month of 2015. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series. The price of residential properties in the rest of Ireland decreased by 0.2% in March compared with an increase of 0.7% in March of last year. Prices were 10.5% higher than in March 2015. It means that house prices in Dublin are now 34.3% lower than at their highest level in early 2007. Apartments in Dublin are 41.2% lower than they were in February 2007. Residential property prices in Dublin are 36.3% lower than at their highest level in February 2007. The price of residential properties in the rest of Ireland is 35.4% lower than their highest level in September 2007. Overall, the national index is 33.6% lower than its highest level in 2007. Continue reading
UK house prices increase almost five time more in areas with low unemployment
Houses prices in the UK have increased by an average of almost £90,000 in the past decade in areas with lowest unemployment rate, the latest research data shows. This is almost five times more than in those area with high unemployment and the 10 areas with largest drop in unemployment saw house prices increase by 76%, according to the research report from Lloyds Bank. It means that the gap in house prices between areas with the highest and lowest levels of unemployment has widened significantly over the past 10 years. Average house prices in the 20 local authorities with the lowest rate of unemployment have risen by £89,446 since 2006, nearly five times the rise for those with highest unemployment, which increased by just £18,657 over the same period. The average house price for those high unemployment areas is £139,520 which is £102,655 or 42% below the national average price of £242,175. By contrast, areas with the lowest unemployment rates have an average price of £352,224 to £110,049, some 45% higher than the national average. ‘Employment boosts consumer confidence, helps put more cash into customers’ pockets and makes it easier to secure a mortgage, all of which drives increased housing activity,’ said Lloyds Bank mortgage products director Andrew Mason. ‘Unfortunately, in areas where more people find themselves out of work, house prices can stall as people are financially less able to progress up the property ladder, reducing demand. There are, however, other factors which affect house prices such as lower mortgage rates, improved affordability and low housing supply which will have contributed to rising prices in the past decade,’ he added. The 10 areas which have seen the largest falls in unemployment since 2006 recorded an average price increase of £200,155 or 76% to £464,373. Nine of these local authorities are in London, with Haringey, Hackney, Southwark and Waltham Forest seeing average home values almost doubling in the past decade. Over the same period these 10 areas recorded an average decline in unemployment claimants of 2.4% from 4.7% to 2.3%, four times the national decline of 0.6% from 2.5% to 1.9%.This is in marked contrast to the 10 areas with the poorest unemployment performance where unemployment claimants increased by an average of 0.5% since 2006, with average house prices growing by only £24,587 or 18%. Seven of these 10 areas are in the North West. In the UK as a whole over the past 10 years, average house prices grew by 34% or £61,575, whilst the average unemployment rate was 3%. Excluding London, the average price growth for Great Britain fell to £47,920 or 29%. The Lloyds Bank report also reveals that: The 10 areas with the lowest unemployment rates show an average house price rise of £107,000 or 36% since 2006. The four areas with the lowest average unemployment rate of 1% over the decade, Hart, West Oxfordshire, Mole Valley and North Dorset, recorded house price gains of between 33% and 44%… Continue reading
