Auckland property market settled, stable in June

5 July 2007

Media Release

Auckland property market settled and stable in June

The latest figures from Auckland’s leading real estate company Barfoot & Thompson demonstrate a settled market and stable performance for the month of June.

Barfoot & Thompson sold 1,000 residential properties across Greater Auckland last month for an average sales price of $537,671. This was down from the May average of $557,546, but is the third highest average price for 2007.

General Manager Wendy Alexander says the winter months are always a time for consolidation in residential property sales as vendors tend to hold off listing their properties for sale until spring.

“May was a particularly busy and successful month for the company, so the June result is probably more in line with normal winter time activity.”

Ms Alexander says, “Despite the wet weather and the cold snap in June, there is a steady level of activity in the market – on par with the patterns seen in previous years. Every month so far during 2007 has produced more sales (by volume) than the corresponding month last year.”

“The most important message for vendors is that there tends to be a shortage of listings through winter but still a steady flow of potential buyers, so contrary to popular opinion this is often a great time of year to sell.”

Barfoot & Thompson’s Property Management division also experienced a steady month with 586 new lettings. The average weekly rental during June of $373 is the second highest so far this year.

ENDS

www.barfoot.co.nz

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