High New Listings Slows Pace Of House Price Increases In Feb

March 5, 2013

Media statement

High New Listings Slows Pace Of House Price Increases In February

A significant increase in the number of new listings in February slowed the pace of house price increases in Auckland last month.

“New listings during February at 1,752 were excellent and contributed to there being greater choice than there has been since November last year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Compared to January, new listings were up by 21.7 percent.

This is only the third time in five years that new listings have reached 1,700 in a month.

“The greater number of properties for sale took some of the pressure off prices, and the average sale price in February was $604,164, an increase of 0.6 percent on the average achieved in January.

“Sales numbers at 892 were up 8.8 percent on those for January, and up 16.8 percent for those on February last year.

“The combination of new listing and sales numbers contributed to an extremely active market, but with prices staying constant.”

At the end of the month Barfoot & Thompson had 3,988 properties on its books, the highest at a month’s end for eight months.

“While choice is at its highest since June 2012 it may be a short-term situation, as the number of properties for sale still remains at the lower end of the scale over the past decade.

“A significant number of new builds have to reach the market before pressure will ease.”

During the month Barfoot & Thompson sold 76 homes for in excess of $1 million, bringing the number sold in this price category for the first two months of the year to 144 - 77.8 percent more than in the same two months of 2012.

Of the total homes sold, 405 or 45.4 percent of all the homes sold in February went for under $500,000.

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Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

www.barfoot.co.nz

ENDS

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