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Signs of an Auckland Real Estate Stand Off

Signs of an Auckland Real Estate Stand Off

The latest monthly sales statistics from leading Auckland real estate agency Barfoot and Thompson show there are signs of a stand off developing in the Auckland property market.

Director Peter Thompson says November was another “amazing” month but in the past two weeks the company has noticed the volume of sales has slowed and he believes an element of vendor and buyer resistance is developing.

“I don’t think this is just the normal pre-Christmas slow down. I believe vendors are holding out for maximum return, while at the same time the seasonal influx of listings means purchasers have more choice again and are refusing to be rushed into buying. The result is a bit of a stand off.”

Barfoot and Thompson recorded 1290 unconditional sales during November compared to 1245 the previous month and 1083 in November last year.

The average price climbed again for the fourth month in a row to $367,036 which is over $11,000 more than the previous month. The average price of an Auckland residential property has now increased by more than $44,000 since July this year.

The steady increase in average sale price is also reflected in the number of properties now selling for more than $500,000.

During November 35.4 percent of properties sold were in the over $500,000 bracket compared to 28.3 percent in July this year. The average for this price bracket throughout 2001 was 24.8 percent.

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