Auck Real Estate Market Sales Strong, Rents Stable

Auckland Real Estate Market – Sales Strong, Rents Stable

Sales volume increased four percent during February according to leading Auckland real estate agency Barfoot & Thompson, demonstrating continued strong interest in the Auckland residential property market.

Volume increased from 1,150 sales in January to 1,195 in February, which is 10 percent ahead of the same time last year. However, the average price achieved dropped to $360,876, down from $382,439 in January.

Barfoot & Thompson Director Peter Thompson says the drop is probably not significant in terms of predicting market trends because it was influenced by the sale of two large apartment blocks during the month.

“The two blocks included 130 apartments worth around $150,000 each, which has artificially lowered the average sale price.

“It’s worth noting that the average price of $360, 876 is six percent higher than this time last year.

“The middle market remains strong, but there has been an easing in the very top end. Barfoot & Thompson sold 21 properties for a million dollars or more during February compared to 26 in January.

“The listings shortage has also eased again this month. At the end of February the number of listings available was 4,975 compared to 4,692 in January. While this is still down on the same time last year (5,147), it’s clear that buyers now have greater choice.”

Rental activity remained stable during February. 663 properties were let and the average weekly rent reached $339 compared to 749 properties let and average rent of $338 during January.

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