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Housing Market Continues To Produce Solid Results

7 December 2005

Auckland Housing Market Continues To Produce Solid Results

The Auckland property market is continuing its steady run with Barfoot & Thompson reporting that November sales set a new record average price for the third month in a row.

The average sale price for November was $476,916, up from $474,271 in October. This was achieved on the back of good sales volumes. The firm sold 1,046 residential properties during November, which is two percent ahead of the same month last year.

There was strong activity in the upper end of the market with 16 percent of sales for sale prices of $1 million or more, including seven sales in the $2 million to $3 million range.

Barfoot & Thompson Director Peter Thompson says, "The steady rise in Auckland property prices over the past couple of years means we are fast approaching a point where half of all sales the company makes will be for $500,000 or more. In November 48 percent of our sales were for half a million or above and quarter was for more than $750,000."

Mr Thompson says the traditional Spring flush of new properties onto the market has helped ease the listings shortage that has characterised recent months and contributed to rising prices, but the November sales figures demonstrate there is still plenty of activity in the marketplace.

Barfoot & Thompson is responding to the continuing client demand by ensuring that all branches will remain open to assist buyers and vendors over the Christmas period, closing only for the statutory holidays. Enquiry levels are expected to be particularly high at branches close to key holiday spots.

ENDS

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