Busy start to the year for the Auckland property

12 February 2007

Media Release

Busy start to the year for the Auckland property market

The latest sales figures from Auckland’s leading real estate firm Barfoot & Thompson show a high level of activity in the Auckland property market during January. The company made more than 1,000 sales for the month compared to around 800 for the same month in the previous two years. (The average number of sales per month throughout 2006 was 938).

Director Peter Thompson says, “January proved to be very buoyant and it’s noticeable that most of the activity centred on the middle to lower end of the Auckland property market. Traditionally the Christmas and New Year period is quieter at the upper end of the market and this year was no exception. Transactions valued at $500,000 or less accounted for the majority of our activity. This, coupled with the fact we settled a large parcel of relatively low value sections during January, had the effect of lowering the average monthly sale price.”

The average sale price for January was $475,461, down 9% on the December average of $523,793. Mr Thompson says the last two weeks of January were particularly busy with more than 600 sales recorded in the fortnight from January 15 onwards.

Property seems to have been on the minds of many Aucklanders over the summer break with Barfoot & Thompson signing up more than 1,400 new listings during January, significantly more than the same month in the previous two years but Mr Thompson warns there is still an overall shortage of listings.

“We ended the month with 4,150 exclusive property listings which is low by historical standards and means buyers may find it hard to find a property to suit their needs at a price they can afford. For vendors, it means this is an excellent time to consider listing a property for sale as there is good buyer interest that is not being satisfied.”

“From the company’s perspective, it’s great to see our strong performance in 2006 carry through into the New Year and we look forward to continuing to achieve positive results for our clients in 2007.”

ENDS

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

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