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September Property Market Update

12 October 2004

September Property Market Update

A slowdown in the number of higher priced houses sold during September is behind a fall in average price for the month rather than a general market decline according to Barfoot & Thompson Director Peter Thompson.

Barfoot & Thompson sells around one in three Auckland properties and its September sales figures show the average price achieved decreased about $14,000 to $414,164. Mr Thompson says the company sold 918 residential properties during the month, but the proportion in the over $500,000 category was 37 percent compared to 42 percent last month.

“When you break it down further, 19 percent of properties sold were for more than $750,000 compared to 23 percent the previous month and the proportion of million dollar sales dropped from 15 percent in August to 11 percent in September.”

Mr Thompson says, “This accounts for much of the average price decrease rather than a general market decline.”

The number of available listings remained steady at 4476, compared to 4486 the previous month.

Mr Thompson says Barfoot & Thompson is focused on attracting as many new listings as possible over the coming months following the successful launch last week of its Building Our Children’s Health Campaign. “The campaign sees Barfoot & Thompson contributing to the purchase of a much needed new ultrasound machine for Starship Radiology for every property listed and sold during the campaign.* We are encouraging anyone considering selling to make Barfoot & Thompson their first choice in order to support this ambitious $300,000 fundraising effort.”

Meanwhile, the rental market is steady with average weekly rent remaining at $329 for the second month in a row. Rents have ranged between $327 and $332 for the past six months. There were 652 new lettings during September.

*sales by sole agency, auction, tender or promotion

ENDS

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