Sellers Re-enter Auckland Property Market

More choice for home buyers

The Auckland housing market was ‘active, solid and with a sense of certainty’ in July, and with more sellers entering the market.

In July, Barfoot & Thompson’s average sale price rose just on $10,000 on July last year at $507,384 while 23.8 percent more sales were made than in the same month last year with 779 properties being sold.

“The market is showing no signs of giving up the gains made over the prices and sales volumes recorded last year,” said Managing Director Peter Thompson.

“As is seasonal at this time of year, the average price edged down, by 2.8 percent on the month previously, and the sales volumes were also down, by 9.5 percent, on those achieved in June 2009,”

“It was an anticipated easing, as the market often marks time for a period before the start of spring activity.

“Overall, July activity can be seen as a month which emphasised that Auckland housing has found a new base.

“People are feeling comfortable with current prices and trends.

“More sellers are entering the market and the 1386 properties we listed for sale in July were an increase of 16.6 percent on June, and an 18.4 percent increase on July last year.

“Our new listings were the highest they have been in four months, and it is yet another sign that Auckland is shaking off constraints caused by uncertainty about the economy and future prices.”

The average rent achieved remained steady at $388 a week, while the number of properties let to tenants increased by 7.5 percent to 790, on a par with that achieved in the traditional peak month of January.

“July is often a solid month for letting properties, but this is the first time we have let the same number of properties in July as we did in January.

“It can be partly explained by the wide choice of rental properties available, and people with a single property to let placing their property with professional property managers to secure tenants.”

The average weekly rent this July is $4 higher than in July last year and the number of properties let up 11 percent.

ENDS

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