Auckland House Prices Continue To Rise

Auckland House Prices Continue To Rise

A strong lift in the average Auckland house price for the second month in a row suggests there is still strong buyer demand.

The latest monthly sales figures from Barfoot & Thompson show the average price of an Auckland residential property increased a further six percent during April to a record high of $436,443, nine percent ahead of the same time last year.

The total volume of sales during April was down from 1,411 the previous month to 1,001. The drop follows the pattern of similar seasonal drops in previous years.

Director Peter Thompson says, “It’s interesting to note that sales worth $500,000 or more accounted for 40 percent of all sales recorded by Barfoot and Thompson during the month. “It’s possible that the Reserve Bank’s March decision to leave the cash rate unchanged contributed to the continued buoyancy and it will be interesting to see whether the recent increase in interest rates will have any affect on next month’s results.”

Barfoot & Thompson is the market leader in Auckland real estate, selling more than one in every three residential properties, meaning its sales figures are one of the best indicators of market conditions.

In the property management area, average weekly rent dropped from $341 in March to $330 during April. 564 properties were let during the month, compared to 686 in March and 617 this time last year.

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