Barfoot & Thompson - Strength in Auck. Top End

11 April 2005
Media Release

Barfoot & Thompson Reports Strength in Auckland’s Top End
Property Market

The latest monthly sales figures from Auckland’s leading real estate agency, Barfoot & Thompson, show considerable strength in the premium end of Auckland’s housing market.

Fifteen percent of all sales made by the firm during March were for $1 million or more driving the average sale price for the month to $468,151 - a record for the 82 year old company. The March average price is also 14 percent higher than the same month last year.

Director Peter Thompson says the average was pushed up by three large sales valued at $3 million and $10 million. There were also a further 11 sales in the $2 million range.

Mr Thompson says while the standout results were at the upper end, there was demonstrable strength right across Auckland’s residential market during March. “Both sales volumes and prices were good across a range of price brackets with branches such as Papakura and Manurewa in the south; Te Atatu and Henderson in the west; Mt Roskill and Mt Albert in central Auckland; and Birkenhead and Milford on the North Shore.

“Most of the large sales were in Auckland’s eastern suburbs. In fact our Remuera branch had a particularly successful month, selling 47 properties worth a total of almost $60 million.”

“Our new North Shore Elite branch, based in Takapuna, also performed extremely well. It sold 14 properties worth almost $11 million - a very strong result considering the branch has only been open since November.” Barfoot & Thompson North Shore Elite specialises in the top end of the North Shore residential market, only listing properties valued at $650,000 or more.”

In the rental market, March was firm with 683 houses and units let during the month for an average weekly rental of $346 which was higher than at any point last year.

ENDS

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