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Auckland Property Market Back In Business

7 March 2005

Auckland Property Market Back In Business

The Auckland property market is back on track according to Barfoot & Thompson’s February sales results.

Barfoot & Thompson sold a total of 1,056 dwellings in February, a 20 percent increase on the previous month. The average selling price was $428,966, while this was slightly lower than January, it was 19 percent higher than the same time last year.

Director Peter Thompson says, “This is a very pleasing result and tends to indicate a busy year ahead.”

“When comparing sales on a week by week basis all but one of the past five weeks has overtaken the number of sales made in corresponding weeks last year.”

Almost 40 percent of properties sold by Barfoot & Thompson during February were for more than $500,000, 18 percent sold for more than $750,000 and 10 percent of sales were for properties over one million dollars.

On the rental market 670 houses and units were let during February for an average weekly rent of $340, which is ahead of the same time last year.

Mr Thompson says, “Overall, the February result indicates good underlying strength in Auckland’s property market.”

ENDS

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