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Spring boosts Auckland property market

10 October 2006

Media Release

Spring boosts Auckland property market

The first month of spring was reflected in good sales volumes for the Auckland property market according to the latest transaction figures from leading Auckland real estate firm Barfoot & Thompson.

Barfoot & Thompson recorded 1,059 sales for the month of September – making it the second busiest month so far this year and representing a 13 per cent increase on the volume of August sales. While there was plenty of activity in the market, prices were softer with the September average sale price dropping back from $483,777 in August to $476,524.

The increase in sales volume was reflected in good activity at the top end of the market. More than 25 percent of properties (by value) sold over the $750,000 mark and nearly 16 percent (by value) fetched prices of a million dollars or more.

Director Peter Thompson says, “The overall picture is one of stability with good levels of activity, particularly in the upper end of the market. Now that we have the school holidays out of the way, I expect the market to get even busier through until Christmas.”

“This is a great time for new vendors to consider bringing their properties to market as the high number of sales during September means a shortage of listings is developing at a time when there is traditionally plenty of buyer interest and competition around.”

On the property management front, September produced a steady month with the number of fresh lettings rising from 616 in August to 651 in September. The average weekly rent increased to $343 compared with $340 in August.

ENDS

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