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Late Autumn Boost To Auckland Property Market

Buyers returned in strength to the Auckland residential property market in May consolidating prices around those prevailing over the previous three months.

“The Auckland market experienced a late autumn boost in May,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The boost came in the form of buyers being prepared to meet prevailing prices, and we sold 916 homes in the month.

“This is the highest number of homes we have sold in the month of May for three years and is nearly a third higher than the number of homes we sold in April.

“The median price paid in the month was $1,011,900, which is consistent with where the median price has been over the previous three months.

“The average price, at $1,182,630 for the month, was down 2.5% on that for April, but also consistent with where it has been for the previous three months.

“The market has found a sweet spot and is entering winter trading well.

“Vendors have trimmed their price expectations in recent months as the summer selling season draws to a close, and buyers have responded positively to the opportunity.

“It is another sign that the housing market is finding stability around current price levels.

“With 1695 new listings in the month, and total listings of 5763 at month end, buyers continue to have the greatest choice in more than a decade.

“Currently, for every home being sold, there are another 6 on the market.

“All price segments of the market experienced strong buyer interest during the month, with 18.8 percent of sales being in the under $750,000 price category.

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“Sales above $2 million (64 homes) accounted for 7 percent of sales with 18 of those homes selling for more than $3 million.

“The rural and lifestyle markets were also active in May, with sales for the month exceeding $43 million. This was 7.5 percent higher than in April, and 17.7 percent higher than in May last year.”

Note: Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch)

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