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 drop: Barfoot

Auckland house prices rises have stalled, according to Barfoot and Thompson.

The agency reported that the average price fell 1.1% in September compared to the month before, to $585,838.

Managing director Peter Thompson said: “The most significant factor still affecting the market at present remains the low number of properties for sale. Restricted choice has been an influencing factor all year, but whereas in the past four months it has contributed to rising prices, in September buyers were cautious about paying more than their assessment of market value. That combination of elements trimmed about $6000 off the average selling price during the month.”

But compared to September 2011, prices were up almost 7%.

Thompson said the firm listed 1266 new properties in September, down 10.7% on August.

“Sales numbers at 969 were also excellent compared with the level of sales we have made in a September for the past five years, but were 4.6% down on those in August, which was the highest number of sales in an August for eight years.”

He said at the end of September there were 3733 properties on Barfoot and Thompson’s books, the lowest level in a decade.

Agents had flagged a significant increase in interest in sections for sale.