Auckland home sales fall, listings rise: Barfoot

Auckland home sales fall as listings rise, says Barfoot & Thompson

(BusinessWire)– Auckland home sales fell last month while the number of listings rose, suggesting the property market may be shaking off the worst of the slump, according to real estate firm Barfoot & Thompson.

The volume of sales in July fell 9.5% from June to 779 properties, Barfoot said in a statement. Sales jumped about 24% from the same month of 2008. New listings climbed 17% from June to 1,386 and the average price slipped 2.8% to NZ$507,384.

“The housing market continues to hold onto its recent gains, although the level of turnover remains below average levels,” said Jane Turner, economist at ASB. “Potential sellers are now being tempted back in now the housing market is improving.”

The figures from Barfoot, the largest real estate firm in Auckland, come after Real Estate Institute data last month showed the median house price nationwide climbed 0.7% to NZ$340,000 in June and the length of time it took to sell dropped to 41 days from 42 in May.

Lower short-term mortgage rates and a pick up in net migration are expected to underpin demand in a market where sellers have stayed away in droves rather than offer their properties at what are perceived to be lower current prices.

The average rent was unchanged in July at NZ$388 a week, according to Barfoot, while the number of properties let to tenants gained 7.5% to 790, matching the typically peak month of January.

(BusinessWire)

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