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October slow, but prices rebound

6 November 2008

Media Release

October slow, but prices rebound

The Auckland residential property market has just experienced the slowest October for at least 10 years, yet the average sale price rebounded by more than $24,000 from the previous month, according to the latest figures from leading Auckland real estate agency Barfoot & Thompson.

503 sales were recorded for the month, compared to 796 in October last year. The average sale price increased from $495,873 in September to $520,039 in October.

Managing Director Peter Thompson believes the market was impacted by the series of significant announcements relating to the fall out from the international credit crisis coupled with the normal pre-election hesitancy.

“The impact was clearly on volume rather than price. There was an overall slowdown in the market during October, but we are hopeful that some of the uncertainty will be resolved by the general election this weekend. We would certainly be looking to the winning party to establish a Government as quickly as possible to provide some reassurance in the wider economy.”

Mr Thompson says those properties that did sell were achieving good prices. “It’s particularly noticeable at the upper end of the market where there were 27 sales between $1m and $2m and another three sales between $2m and $4m.”

In property management, Barfoot & Thompson experienced a record October. There were 691 properties let during the month – making it the busiest October since 2002. The average weekly rent for October was $385.

Mr Thompson says, “The level of activity in the rentals area of our business suggests there is a group of potential buyers out there who are holding off at the moment and choosing to rent instead.”

Key points for October:

/ October 2008 / October 2007
Total sales / 503 / 796
Average sale price / $520,039 / $546,679
New listings signed up / 1,459 / 1,912
Listings available at the close of the month / 7,090 / 5,646
Average weekly rent / $385 / $388


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