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Auckland December property sales at highest in five years

Auckland December property sales at highest in five years, Barfoot says

By Hannah Lynch

Jan. 11 (BusinessDesk) – The Auckland housing market finished 2011 on a strong note with the highest volume of December sales in five years, while the average selling price rose 1 percent from November.

Sales for December increased more than a third to 714 on the same period last year, while the average house price rose $5,500 from November to $573,071, real estate firm Barfoot & Thompson said in its monthly report.

“Although December was an excellent sales month, overall the Auckland market remains restrained,” said managing director Peter Thompson.

House prices increased modestly, with the difference between the average price achieved for all of 2011 only 2.5 percent higher than 2010, Thompson said. “While buyer interest is high, they remain realistic as to the price they are prepared to pay.”

The number of new listings in December was 846, below the 2011 monthly average of 1,220.

“For the first quarter of this year the Auckland housing market is likely to follow a similar pattern to that experienced last year, with prices increasingly modestly and choice remaining limited,” Thompson said.

(BusinessDesk)

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