Property Sale Tops $500,000 Again In February

8 March 2007

Average Auckland Property Sale Tops $500,000 Again In February

The average Auckland property sale price topped $500,000 again in February, recovering six per cent on the January average according to the latest sales figures from Auckland’s leading real estate firm Barfoot & Thompson.

The average price declined to $475,461 for the month of January as activity slowed in the upper end of the market with many top end buyers out of town for the traditional holiday period. However, the upper end of the market returned to normal during February when 17.5 per cent of Barfoot & Thompson’s sales were for $1 million or more compared to 12.8 per cent in January.

In other premium property activity, Barfoot & Thompson recorded one of the highest figures in five years for homes sold for $750,000 or more with this category making up 27.5 percent of all sales.

The average price for all sales during the month was $504,079 and the total number of properties sold was 989.

Director Peter Thompson says February saw the market return to normal with Barfoot & Thompson recording almost a thousand sales for the month. “A week by week analysis of the month shows that activity levels built steadily as February progressed. The high sales figures for the upper end of the market are very encouraging so early in the year and are indicative of the strength of the current market and the commitment of our agents to servicing both vendors and buyers to a consistently high standard.”

The Auckland rental market overall returned to normal activity levels after a particularly busy start to the year. There were 663 fresh lettings for an average weekly rental of $357 compared to $362 in January.”

ENDS

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