Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

High Auckland Residential Property Sales Reduces Choice

August 3, 2012

Media Statement

High Auckland Residential Property Sales Reduces Choice

High residential property sales in Auckland in July reduced the number of homes for sale at month’s end to their lowest level in seven years.

“In July we sold 998 homes for an average sales price of $591,444,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“For a July, this number of sales was at the very top end of the scale in recent years.

“At the end of the month it left us with only 3975 properties on our books, the lowest number since late 2005.

“The low number of properties for sale is being caused by high turnover, not by the low number of people listing properties for sale.

“In July we listed 1295 properties, 23.3 percent more than in the same month last year. However, demand in July was exceptionally strong and we sold 28.3 percent more homes in July than in the same month last year.

“The number of homes on our books at month’s end has now fallen each month for five months.

“It has created a market in which people are prepared to act decisively.

“Prices are increasing, but they are not spiralling up. What is out of the ordinary is the number of properties being sold for this time of the year, and the speed at which they are being sold.

“In July the average sales price edged up by a little more than $2000 over that for June. In the past three months the price difference between the May and July average price is modest at $9000, or a movement of less than 2 percent.”

Sales of properties in the $1 million plus category continued to feature, with 82 properties selling in this price range in July compared to 50 in July last year.

Mr Thompson said that while high value properties attracted most attention, about half of all the sales of properties in Auckland were for less than $500,000.

“In July we sold 498 properties for less than $500,000, which is up 8.7 percent on those for June.”

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Stats NZ: Quarterly Inflation Rising Steadily Across The Board

Higher prices for transport and food have driven up inflation for the all households group in the June 2021 quarter, Stats NZ said today. The ‘all households group’ represents all private New Zealand-resident households... More>>


Stats NZ: Primary Products Push Exports To A New High

New Zealand exports reached a new high in June 2021, off the back of record export values for logs and beef, Stats NZ said today. In June 2021, the value of all goods exports rose... More>>



Energy: New Zealand Could Be World’s First Large-scale Producer Of Green Hydrogen

Contact Energy and Meridian Energy are seeking registrations of interest to develop the world’s largest green hydrogen plant. The plant has the potential to earn hundreds of millions in export revenue and help decarbonise economies both here and overseas... More>>




Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: