Sum­mer hol­i­day spot fetch­ing top prices

Matamata Chronicle - - Out & About -

Sweet home Coro­man­del, where the prices are so high.

Yes, that’s right, the ask­ing price for houses at the sum­mer hol­i­day hot spot of Coro­man­del hit an all-time high in Au­gust, ac­cord­ing to web­site realestate.co.nz. And so did Waikato’s. The high prices were driven by an ex­tremely small num­ber of houses listed for sale, says the web­site chief ex­ec­u­tive Bren­don Skip­per.

Coro­man­del was par­tic­u­larly no­table with its 141 new listings, down 12.4 per cent from the same month in 2015.

Lack of sup­ply in that re­gion saw Au­gust listings reach an all time high av­er­age ask­ing price of $636,297, up 7.2 per cent from the month be­fore.

Waikato had 894 listings, which was down by 4.8 per cent, and an av­er­age ask­ing price of $482,623.

The price was a slight nudge up at 1.3 per cent from July’s av­er­age.

The web­site gen­er­ates the most res­i­den­tial prop­er­ties for sale in New Zealand.

If no more houses came on the mar­ket, it would take 14 weeks for the houses for sale in New Zealand to dry up.

The num­ber of houses for sale in Auck­land was up by 4 per cent com­pared to the same time last year, while the rest of the coun­try was down com­pared the same time last year.

The num­ber of listings had dropped by 12.4 per cent, which im­plies houses are tak­ing longer to sell, Skip­per said.

‘‘Which could be a re­sult of the loan to value re­stric­tions,’’ he said.

In July, the Re­serve Bank of New Zealand ruled banks could only lend to res­i­den­tial prop­erty in­vestors if they had a 40 per cent de­posit.

How­ever, those re­stric­tions were put in place in Auck­land in 2015, which Skip­per be­lieved was adding to the slow­ing of sales in the re­gion.

On top of these fig­ures, the In­ter­na­tional Mon­e­tary Fund re­leased a quar­terly global hous­ing re­port show­ing New Zealand out­paced 30 other of the world’s rich­est coun­tries when house prices were com­pared with in­come dur­ing the first quar­ter of this year.

The av­er­age ask­ing price for houses in Coro­man­del and the Waikato hit an all time high in Au­gust.

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