Auckland house prices did not shoot up in February because there were many more new listings on the market compared to the month before, Barfoot and Thompson says.
Managing director Peter Thompson said there were 1752 new listings for the month.
Compared to January, new listings were up by 21.7 per cent. That was only the third time in five years that new listings had reached 1700 in a month.
Thompson said: “The greater number of properties for sale took some of the pressure off prices, and the average sale price in February was $604,164, an increase of 0.6 per cent on the average achieved in January.
“Sales numbers at 892 were up 8.8 per cent on those for January, and up 16.8 per cent on February last year. The combination of new listing and sales numbers contributed to an extremely active market, but with prices staying constant.”
Realestate.co.nz reported that new listings were still down 2% on the same month the year before.
But at the end of the month Barfoot and Thompson had 3988 properties on its books, the highest at a month’s end for eight months.
During February, the agency sold 76 homes for more than $1 million, bringing the number sold in this price category for the first two months of the year to 144 - 77.8 per cent more than in the same two months of 2012.