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Winter listing shortage drives up prices

Winter listing shortage drives up prices

The traditional winter listings shortage has driven Auckland residential house prices up by $17,000 according to Barfoot & Thompson’s July figures.

The real estate company’s figures show the average house price in July was $387,919 up from $370,837 in June.

“While the average house price is up significantly on the previous month, this is not just attributable to a shortage of listings,” says Barfoot & Thompson Director, Peter Thompson.

“The rise in price is also due to an increase in sales over $500,000. 36 percent of our sales last month were for over $500,000, compared to 32 percent in June.”

“The volume of residential sales remains steady, but quality listings continue to be in short supply. Listings have not been this low since May 1996.”

In the rental market, average weekly rental prices have dropped to $326 down from $331 previously.

“The number of houses and units let increased significantly on the previous month, resulting in the lowest average weekly rental this year - July was definitely a tenants’ market.”

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