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April Brings Mixed Results for Auckland Property

4 May 2006

Media Release

April Brings Mixed Results for Auckland Property Market

The latest sales figures from leading Auckland real estate agency Barfoot & Thompson paint a mixed picture of the property market during April with the average sale price increasing significantly at the same time that new listings almost halved.

The company sold 829 residential properties in Auckland during April for an average sale price of $483,394. This was almost five percent ahead of the same month last year and almost seven percent ahead of the average for the first quarter of 2006.

At the same time Barfoot & Thompson signed up 1,156 new listings in April compared to 2,039 the previous month.

Barfoot & Thompson Director Peter Thompson says this suggests buyers are currently faced with a more limited choice and are still having to pay good market prices to secure the home they want. However, he believes the sales price data should be interpreted with caution.

“Our view is that the market is still performing solidly and that fair prices are being achieved. The latest sales results need to be viewed in the context of overall market conditions. We would interpret this as a one-off jump rather than a trend.”

It’s been a quieter month for the company’s property management division. The number of houses and units let during April was 529, down from 700 in March. The average weekly rent remained steady at $338.

ENDS

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