Auckland House Prices Rise 12% in 2007

7 January 2008

Media Release

Auckland House Prices Rise 12% in 2007

Auckland residential house prices increased 12% during 2007 according to sales figures from leading Auckland real estate firm, Barfoot & Thompson.

Barfoot & Thompson sells more Auckland property than any other real estate company, meaning its sales figures are a good indicator of the state of the market.

The company today release its annual sales statistics which show the average sale price achieved increased 12.01% during 2007. The average sale price for 2007 was $538,478, compared to $480,738 for 2006.

The 2007 year began with an average monthly sale price of $475,461 in January and climbed to $559,803 in December.

Director Peter Thompson says, “It’s interesting to note that property prices do not seem to have been affected by reduction in sales volumes.” Barfoot & Thompson sold an average of 915 properties per month throughout 2007, down from 1,003 in 2005 and 936 in 2006.

“December was a slow month from a volume perspective. We made 495 sales, which is down more than a third on December 2006. However, the average sale price for the month still increased 2.4% over November.”

“Going into 2008, our expectation is that the Auckland property market will continue in the same way with the volume of sales settling at current levels and prices continuing to hold and even improve throughout the year ahead.”

2007 2006
Average Sales Price $538,478 $480,738
Average number of sales per month 915 938
Average number of new listings signed up each month 1,639 1,476
Average number of listings available at the close of the month 4,817 4,758
% of sales over $500,000 53.9% 46.6%
% of sales over $1million 18.4% 14.9%

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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