Auckland Property Prices Set New Record

Media Release

10 October 2005

Auckland Property Prices Set New Record

Not even pre-election jitters could slow the Auckland property market during September. The latest sales figures from leading Auckland real estate firm Barfoot & Thompson show property prices hit a new high last month, topping $469,000 for the first time.

The average price achieved during September was $469,356, up more than $17,000 on August and more than 13 percent ahead of the same period last year. The company made a total of 1,071 sales during September, which was also up 16 percent from a year ago.

Almost half of all the properties sold by Barfoot & Thompson during September were for $500,000 or more - and 22 percent of properties sold for over $750,000.

Barfoot & Thompson Director Peter Thompson says the record breaking average price indicates there is still plenty of buoyancy in the Auckland property market.

“We continue to see a shortage of listings which is undoubtedly helping to fuel Auckland house prices. There is still plenty of keen buyer interest in the market and not enough stock to satisfy demand. Those that are in the market to buy are showing that they are prepared to pay good prices to secure the properties they want. Strong sales and a record average prices are proof positive of a strong Auckland housing market.”

On the rental front, the September results reflected a steady rental market with the average weekly of $334 down slightly from $338 last month, but slightly ahead of the same time last year.

ENDS

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