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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.

ENDS

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