Barfoot & Thompson report that transaction volume is still up in Auckland, New Zealand, although the continued sales are not translating into property price increases. Nevertheless, realtors report prices are well ahead of seasonal predictions with an average price of $592,395. Luxury properties remain in demand and Barfoot & Thompson reported selling an average of 71 properties per month priced over $1 million in addition to its other sales, which often exceeded 1,000 homes per month in the last year. For more on this continue reading the following article from Property Wire.
Sales of residential property in Auckland, New Zealand are strong and prices are holding firm, according to the latest analysis from agents Barfoot & Thompson.
‘In August we sold 1,016 homes, the third time this year that we have sold more than 1,000 homes in a month. In terms of sales numbers we are certainly in a period of high activity as in the previous four years we sold 1,000 homes in a month on only one other occasion in March 2011,’ explained Peter Thompson, the firm’s managing director.
However, this high activity is not resulting in prices escalating. In August the average price was $592,395, less than a $1,000 higher than the average price in July, and in the last three months the average price has increased by less than 2%.
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‘While prices are significantly ahead of those for the same period last year, the demand for property through the winter months meant that the traditional dip in values did not occur,’ said Thompson.
During August Barfoot & Thompson listed 1,417 new properties, up 9.4% on listings in July and 10.5% higher than in August last year.
‘August’s new listings were our highest for an August in four years, yet at month end we had only 3,777 properties on our books. That’s the lowest number of properties at month’s end in the past 10 years,’ said Thompson.
High end properties continue to be in demand, and during August the firm sold 83 properties for in excess of $1 million. ‘In the past eight months we have now sold on average 71 properties a month for more than a million dollars compared to 47 a month for the same period last year,’ added Thompson.
In August the agency also sold as many homes under $500,000 as over that amount. ‘These sales figures are a reflection of people’s growing confidence across all price segments in the future of the Auckland economy, and the future direction of the Auckland housing market,’ Thompson pointed out.
‘The next three months normally represent the peak season in the year for house sales, and all the indications are that the current level of activity will be maintained through till Christmas,’ he added.
This article was republished with permission from Property Wire.