Figures Show Easing Of Volume And Prices

Tuesday July 6, 2004

Figures Show Easing Of Volume And Prices

The June sales figures for Auckland real estate market leader Barfoot & Thompson show the Auckland property market took a breather during the month of June with the volume of sales dropping back a little in line with the traditional winter trend and average price easing accordingly.

994 properties were sold during June, compared to 1,052 the month before. (Sales volume has ranged between 1,001 and 1,411 to date this year). The average price achieved for June was $429,739. This compares to $456,407 for May and $370,837 a year ago. (The May average becomes $443,521 when a single $14 million sale is excluded).

Barfoot & Thompson Director Peter Thomspon says it’s interesting to note that there was significant interest in the top end of the Auckland property market during the month. “The percentage of our sales in the over $500,000, over $750,000 and over $1 million categories all increased during June. Anecdotal evidence from our sales team supports this, with high levels of inquiry continuing at the upper end of the market.”

“The average sale price for June was 15 percent higher than a year ago and the June quarter average is 14 percent higher than the average for the March quarter. While it’s still difficult to read the direction of the Auckland property market with any certainty, there are indicators that we are experiencing a leveling off following a period of extreme buoyancy. We are now experiencing a market where the vendor and buyer are on a more even footing.”

In the rental market, 612 properties were let, slightly ahead of the previous month. The average weekly rental was $327, which is the lowest it’s been since December. Average rents have this year ranged between $330 and $341.

ENDS

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