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Auckland Property Prices up 10 Percent in 2004

10 January 2005

Auckland Property Prices up 10 Percent in 2004

Figures from Auckland’s leading real estate company show the average Auckland property price increased a further 10 percent during 2004.

Sales figures from Barfoot & Thompson show the average sale price last year was $423,317 compared to $384,410 during 2003.

Director Peter Thompson says, “It’s significant that Auckland property gained 10 percent in value during a year when there was a collective holding of breath in anticipation of a significant market correction.”

“The reality is that 2004 was another steady and productive year in the real estate sector. As we consistently predicted, the volume of sales eased back following a particularly busy market in 2003. This saw the company average 1,020 Auckland sales a month compared to 1,264 the year before. However, the data clearly shows that prices did not follow the trend.”

The 10 percent rise comes on top of 15 percent in 2003 and 7.5 percent the year before. The year began with an average sale price of $382,439 and each month during 2004 was ahead of the corresponding month the year before. The year ended on a positive note with a record average monthly price of $466,529 for December, partly due to a particularly good sales performance by the company’s Remuera branch.”

The steady increase in average price is reflected in the percentage of properties now being transacted at the top end of the market. More than 13 percent of last year’s sales were for a million dollars or more and 21 percent sold for more than $750,000. (This compares to 11.8 percent and 18.9 percent in 2003).

Mr Thompson says the team at Barfoot & Thompson is reflecting on an excellent performance during 2004. “We continue to sell around one in three Auckland properties, significantly more than any other market player and look forward to again serving the property needs of Aucklanders during 2005.”

ENDS

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