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2003 bumper year for Auckland property market

2003 bumper year for Auckland property market

Auckland house prices rose another 15 percent during 2003, double the 7.5 percent gain made during 2002.

Annual sales figures from leading Auckland real estate firm, Barfoot and Thompson, show the average sale price of an Auckland residential property has increased almost $100,000 over the past five years.

2003 closed with an average annual sale price of $384,000, compared to $335,000 in 2002 and $289,000 five years ago.

The year began with an average price of $358,000 in January, climbing to almost $423,000 by December. However, Barfoot and Thompson Director Peter Thompson notes that the two peak months - October ($422,001) and December ($422,961) - were both inflated by single property sales in excess of $6 million.

Overall, the volume of property sales increased seven percent, up from an average of 1,179 a month in 2002 to 1,264 per month last year, making 2003 another record year for the company.

The steady increase in average prices is also reflected in the number of properties selling for over half a million dollars. During 2003 36.5 percent of properties sold for $500,000 or more, compared with 30.2 percent the previous year and 20.4 percent five years ago.

Mr Thompson observes that rentals do not appear to be keeping pace with the steadily increasing sales prices.

“The average weekly rental during 2003 was $330, up five percent on the previous year. Average rents began the year at $330 in January, peaking at $340 in April.”

“Barfoot & Thompson continues to sell more than one in three Auckland properties. We are delighted with the excellent results achieved by the team during 2003 and looking forward to another busy and challenging year in 2004.”

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