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Auckland property ended the year on a high note

Media Release 17 January 2006

Barfoot & Thompson figures show Auckland property ended the year on a high note

Auckland property prices reached a new record high in December according to the latest sales figures from leading Auckland real estate company Barfoot & Thompson. The average sales price for the month was $492,882, the highest monthly average for 2005 and a new company record.

The result was achieved in spite of the traditional Christmas real estate slow down. December is usually a low volume month for sales and 2005 proved no different with Barfoot & Thompson recording 671 residential sales for the month compared to the average monthly sales of around 1,000 properties during 2005. More than 44 percent of sales were for prices in excess of half a million dollars, 21.5 percent were for $750,000 or more and just over 11 percent of all sales were above the million dollar mark.

Director Peter Thompson says, "Overall 2005 was another very strong year for the company when Auckland property prices enjoyed sustained growth, continuing to defy the doomsayers. Our average sale price increased year on year by 8.4 percent from 2004 to 2005."

"While there has been a slower start to 2005 when compared to previous years, we remain very positive about the Auckland property market and expect another solid and consistent year in 2006."

"Barfoot & Thompson will continue to be Auckland's leading property expert, focusing exclusively on the areas where Aucklanders live and play. During 2005 we further strengthened our position as the market leader with the opening of two new branches in the strategic growth locations of Titirangi and Helensville. We will also open a Dargaville branch next month and will continue to review further opportunities as they become available."

ENDS

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