Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Listings shortage makes it a great time to sell

5 July 2006

Media Release

Listings shortage makes it a great time to sell

Leading Auckland real estate company Barfoot & Thompson says a listings shortage is developing in the Auckland property market, meaning it’s a good time for property owners to consider listing their property for sale.

Barfoot & Thompson, which accounts for about a third of the Auckland residential property market, says available listings at the end of June were at the lowest level so far this year. 4,683 properties were listed on the company’s books at the close of the month compared with over 5,400 during the previous six months.

Director Peter Thompson says, “Prices remained firm during June. Our average sale price was $471,652, which was down slightly on May but still pretty stable. When you couple that with the listings shortage it all adds up to a great time to sell.”

Mr Thompson says that with the clear message coming from the Reserve Bank Governor that he wants to drive house prices down, vendors would do well to act now.

Barfoot & Thompson sold 926 residential properties during June, compared to 1,000 in May and 962 in June 2005. Almost half of the sales were for $500,000 or more and 15 percent had million dollar price tags.

On the rental front, Barfoot & Thompson’s property management division experienced its second slowest month of the year with 581 fresh lettings. Average weekly rent remained firm at $348, compared to $350 in May.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news