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Auckland Real Estate Market Still Rising

10 June 2004

Auckland Real Estate Market Still Rising

Auckland residential real estate prices continued to rise during May, despite recent expert commentary suggesting otherwise. Barfoot & Thompson’s sales figures for the month show the average price increased to $456,407, which is 4.6 percent higher than April.

However, that figure was boosted by a single sale worth $14 million dollars. When that sale is excluded the average price is $443,521, which is a 1.6 percent increase on the previous month.

Barfoot & Thompson Director Peter Thompson says, “There is clearly still strength in the Auckland real estate market.”

“The volume of sales reflects the normal winter decline with 1,052 properties sold during May, this was ahead of our April sales volume but lower than the same month last year.”

“In general terms the middle market remains strong, but there was an easing at the top end with sales over a million dollars falling from 41 in April to 30 in May.”

“The number of listings available at the end of May was 4,210, down 13 percent on the previous month, perhaps an indication that potential vendors are holding on to their properties until the future market direction becomes clearer.”

On the rental front, the average weekly rent is up two dollars to $332. There were 608 new lettings which was up on the previous month, but lower than the same time a year ago.

ENDS

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