Spring brings lift in number of residential sales

_6 October 2008
Media Release
Spring brings a lift in the number of residential sales

The volume of residential sales in Auckland increased during September in line with normal expectations of a springtime lift in the market. Barfoot & Thompson recorded 559 sales for the month, compared with 502 in August.

However, the average sale price dropped back below the $500,000 mark for the third time this year. The average sale price for September was $495,873 compared to $524,248 in August. The average sale price year-to-date is $514,752.

Managing Director Peter Thompson says the month started strongly but there was a noticeable impact from the credit crisis in the middle part of the month. However, he says that seems to have been temporary as the company’s auction sales were particularly strong last week.

“We had strong bidding at our Wednesday auctions and good clearance rates. These were not people chasing a bargain at mortgagee sales, but people attending our regular auctions intending to buy.”

Barfoot & Thompson added 1,263 new properties to its listings during September – up 17% on August. Mr Thompson says, “The number of new listings coming on board generally increases at this time of year as the weather warms and vendors’ properties are looking their best. I would expect this trend to continue during October.”

Key points for September:

September 2008 September 2007
Total sales 559 675
Average sale price $495,873 $538,247
New listings sign up 1,263 1,543
Listings available at the close of the month
6,802
5,107
Average weekly rent $387 $371

September was a busy month for Barfoot & Thompson’s property management division. 699 properties were let and the average weekly rental increased from $384 in August to $387 in September.

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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