Auckland house prices rise in July

7 August 2006

Media Release

Auckland house prices rise in July

Auckland property prices are shrugging off the winter chill. At a time when the property market is traditionally slow, leading Auckland real estate company Barfoot & Thompson reports the average price for the month jumped to $487,229. The July average is up 3.3 percent on June and is not only the highest average monthly price recorded this year but also the second highest in the company’s 83 year history.

The solid prices were accompanied by a good number of new properties coming onto the market. Barfoot & Thompson recorded 1,354 new listings for the month which Director Peter Thompson says is very encouraging for this time of year. “New listings were ahead of the same period last year which shows vendors continue to have confidence in the market.”

While prices and new listings were up, overall market activity was more measured. The company recorded 877 sales in July compared to 926 in June and 1,000 in May.

Mr Thompson says, “The overall picture is one of a healthy market where committed vendors are being rewarded with good prices right across the market spectrum. It’s pleasing to see such good results at what is traditionally a slower period for real estate, it all bodes well for a busy Spring.“

July was also a good month for our property management department. Activity was up with 629 new houses and units let compared to 581 in June. The average weekly rental reached $354 which is the highest it’s been all year and compares to $350 in May and $348 in June.

ENDS

www.barfoot.co.nz

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