Auckland Property Market Bounces Back

Auckland Property Market Bounces Back

Auckland’s property market bounced back during March with the volume of residential house sales up 45 percent on the previous month according to the latest figures from real estate firm Barfoot and Thompson.

The Auckland housing market slowed during February with 1,087 sales, but that was reversed during March with 1,580 unconditional sales.

The average price being achieved reveals a similar recovery. The March average was $352,907, compared to $340,595 in February and $358,270 in January.

Barfoot and Thompson Director Peter Thompson says the recovery was expected.

“It appears that the drop in figures in February were as we anticipated due to the America’s Cup. Now that racing has concluded, the market has returned to its pre-Christmas activity level, with the recent increase in both average price and buyer enquiry levels indicating a confident market.”

“The top end of the market is particularly active with the number of sales in the over $500,000 price category setting a new record for Barfoot and Thompson during March.”

Last month the company sold 240 houses for half a million dollars or more, compared to 155 in February and 149 in January. This included several sales valued at $2 million or more. One in every three properties sold by Barfoot and Thompson during March was for more than $500,000.

Auckland residential rents are also on the rise with the average weekly rent reaching $335 during March, compared to $327 the previous month.

Peter Thompson predicts this figure will continue to climb as many landlords have recently imposed rental increases which have yet to take effect.

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