Auckland Real Estate Market Eases Slightly

8 December 2003

MEDIA RELEASE

Auckland Real Estate Market Eases Slightly During November

There are signs of a slight easing in the Auckland real estate property market during the month of November.

The latest sales figures from leading Auckland real estate firm Barfoot and Thompson show the shortage of listings, which had reached a five year low, eased off last month with fresh stock coming onto the market.

Barfoot and Thompson ended the month with 4332 properties on its books, an eight percent rise on the previous month which is significantly ahead of the traditional November influx of new listings of around three percent. However, stock levels are still almost 20 percent lower than the same time last year.

The average Auckland sale price dropped back to $414,742. In October the figure reached a record high of $422,001 but that was skewed by a single $7 million sale. Just over 40 percent of sales were for $500,000 or more.

The volume of sales also eased back to 1,306 from 1,472 the previous month, but November was still the fifth strongest month this year and the result is well ahead of the same time last year.

The rental market was steady with 633 houses and units let. The average weekly rental was $330, up from $329 in October.

ENDS

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