New Zealand Property Investors' Federation

The NZPIF is the umbrella body for 17 local Property Investors' Associations throughout New Zealand.

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Auckland house prices reach 22-month high, sales rise

Auckland house prices reached a 22-month high in October and the volume of sales rose from a year earlier, suggesting a revival in confidence in property is encouraging both buyers and sellers.

By Paul McBeth

The average sale price in Auckland rose 5.8% to $544,745 last month from September, the most since December 2007, according to Barfoot & Thompson, the city's biggest real estate firm. Prices are 4.8% higher than in the same month of 2008.

"It is a sure sign Aucklanders have shrugged off their concerns about the future, and are moving forward with their plans around home ownership," said managing director Peter Thompson.

"Sellers returned to the market in strength."

There were 1,676 new listings in October, the most since March last year. Barfoot sold 871 properties, a 73% jump from October 2008.

In its property management division, the average weekly rent achieved rose 4.9% to $403m, the biggest increase in rents in seven years. The number of properties let rose 8.4% to 760.