Auckland Real Estate Market Steady

Tuesday, 13 April 2004, 9:55 am
Press Release: Barfoot and Thompson

Auckland property prices are ahead of the same time last year, with the average price achieved during March reaching $411,175.

That figure is 16.5 percent higher than the same time last year and 14 percent higher than the previous month, however, it should be noted that February average was affected by an unusually large number of low value apartments being settled that month.

Barfoot & Thompson Director Peter Thompson says, “It’s interesting to note that sales volume was up substantially during March to 1,411, compared to 1,195 the previous month, an 18 percent increase. When you look at the March quarter overall, sales volume is up one percent on last year, but down 11 percent when compared to March 2003.”

“The middle market remained strong with a 30 percent rise in sales worth $500,000 or more compared to February.”

“The volume of sales at the top end of the market was substantially higher during March. Barfoot & Thompson sold 54 properties for a million dollars or more, compared to 21 in February.”

“The availability of new listings remains practically unchanged with 4,982 listings available at the end of March, compared to 4,975 previously.”

Rental activity also remained stable. 686 properties were let and the average weekly rent was $341compared to 663 properties and average rent of $339 during February.

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