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Auckland Property Market Continues Strong Run

Auckland Property Market Continues Strong Run

The Auckland property market continues its strong run reaching a new high in October with the average house price rising to $420,000, according to the latest figures from Barfoot & Thompson.

However, Director Peter Thompson says the market should be aware that the figure was skewed by a single large sale worth $7 million. When that sale is excluded the average drops to $417,530.

“Barfoot and Thompson transacted $621 million dollars worth of settled sales during the month, a record in the company’s 80 year history.”

“Spring and Summer are traditionally busy times for real estate and while there has been a flush of new properties listed the volume is still not meeting demand and this is reflected in continued price movements. Barfoot and Thompson sells one in three Auckland homes and during October this included 66 properties over $1 million and 331 properties over half a million.”

“It’s worth noting that available listings are down 21.1 percent from this time last year and 42 percent on October 2001. At the same time, our volume of sales is up 18 percent on a year ago and 88 percent higher than two years ago.

The rental market is steady with the average rent increasing only slightly to $329, up from $327 last month. However, average rent is down almost one percent on a year ago.

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