New Zealand Property Investors' Federation, (NZPIF) is the umbrella body for 20 local Property Investors' Associations throughout New Zealand.

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05-12-2011

Auckland house prices hit new November high

Landlords.co.nz

Interest in the Auckland housing market surged in November with a sharp increase in sales numbers and average prices hitting a new November high, according to Barfoot & Thompson.
 
"November was an extremely active month with the average selling price rising by 2.5% on October's values to $567,489," said Barfoot & Thompson managing director Peter Thompson.
 
"This is the highest average monthly price since March, and the second highest average monthly price ever."
 
Thompson said the top end of the market was "extremely active" during November with 75 houses sold at $1 million or more.
 
He said the average price was achieved on 894 sales, an increase of 23% on the number of homes sold in October, and up a third on the number of homes sold in November last year.
 
"For the past four months the Auckland market has been ticking over quietly, but with the coming of summer, the end of the international rugby tournament and a degree of certainty as to the outcome of the general election, buyers and sellers felt the time was right to act," Thompson said.
 
He also said new listings - at 1562 - were up 18.9% on those for October and at the highest level for 10 months.
 
"The greater choice available to buyers also increased market interest."
 
Thompson said that while the average monthly price of $567,489 was the highest average price ever recorded in the month of November, and was another indication that house prices were not far from their peak values in 2007, the market remained measured.
 
"Properties with appeal are attracting a good deal of interest, but buyers are not paying over the top or acting in haste to secure properties," he said.
 
"Given the number of properties we have listed for auction in December and new listings in the pipeline, we anticipate that the strong sales pattern of November will continue right up to the Christmas break."
 
At the end of October Barfoot & Thompson had 5046 properties on its books, 47 more than at the end of October.

Tags: peter thompson

Source: Landlords.co.nz

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