Aucklanders keep houses off the market, Barfoot says
Aug. 1 (BusinessDesk) – Auckland homeowners put just 1,050 new properties up for sale last month, the lowest number in a decade, according to real estate agency Barfoot & Thompson.
The city’s biggest real estate firm had just 4,830 properties on its books last month, the smallest number for four years, it said in a statement.
Still, Barfoot sold 778 homes in July, up almost 21% from the same month though down 11% from June.
The average sale price was $530,191, down 1% from July 2010, and up by some $10,000 in June.
“Even though there are buyers out there, prices are increasing at only a nominal rate,” managing director Peter Thompson said. “Buyer are prepared to pay a fair market price, but not over the top.”
Winter has bitten into people’s enthusiasm for property, which was on the rebound after two years of tepid sales.
Record low interest rates have helped encourage people to return to the market, though the prospect of rising mortgage rates may sap that appetite.