House Sales Maintained At Record Numbers, Prices Hold Firm

September 5, 2012

Media statement

House Sales Maintained At Record Numbers, Prices Hold Firm

Auckland homes continued to change hands in record numbers in August, with prices holding firm against those for the last quarter.

“In August we sold 1016 homes, the third time this year that we have sold more than 1000 homes in a month,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“In terms of sales numbers we are certainly in a period of high activity as in the previous four years we sold 1000 homes in a month on only one other occasion (in March 2011).

“However, this high activity is not resulting in prices escalating.

“In August the average price was $592,395, less than a $1000 higher than the average price in July, and in the last three months the average price has increased by less than 2 percent.

“While prices are significantly ahead of those for the same period last year, the demand for property through the winter months meant that the traditional dip in values did not occur.”

During August Barfoot & Thompson listed 1417 new properties, up 9.4 percent on listings in July and 10.5 percent higher than in August last year.

“August’s new listings were our highest for an August in four years, yet at month end we had only 3777 properties on our books.

“That’s the lowest number of properties at month’s end in the past 10 years.

“High end properties continue to be in demand, and during August we sold 83 properties for in excess of $1 million.

“In the past 8 months we have now sold on average 71 properties a month for more than a million dollars compared to 47 a month for the same period last year.

“In August we also sold as many homes under $500,000 (503) as we did over that amount (513).

“These sales figures are a reflection of people’s growing confidence across all price segments in the future of the Auckland economy, and the future direction of the Auckland housing market.

“The next three months normally represent the peak season in the year for house sales, and all the indications are that the current level of activity will be maintained through till Christmas.”

Ends

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