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Residential Market Stabilised in May

Residential Market Stabilised in May

Shifting Auckland residential house prices have now stabilised, according to Barfoot & Thompson’s latest monthly figures.

The average house price has settled to $353,403, down from $398,650 the previous month. As suspected, the unusually high figures from the previous month were due to a disproportionate number of high value sales.

Barfoot & Thompson Director, Peter Thompson says it is pleasing to see the market return to a stable position.

“During April 39 percent of the properties we sold were over the $500,000 mark, which drove the figures up to an unrealistic average house price. The sales figures from May saw the average price return to a more realistic figure in line with the previous three months.”

During May 33 percent of unconditional sales were for over $500,000.

The rental market has also stabilised, with the average weekly rental returning to $328, down from $340.

“The key factor in the stabilisation of the average rental price is the number of houses and units we have available to let to tenants. In May the figure returned to 719 properties, up from 617 in April.”

“With the market more settled, now is an excellent time for both vendors and purchasers to be in the market.”

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