Auckland Property Market Performs Well in May

Auckland Property Market Performs Well in May

The latest sales figures from leading Auckland real estate agency Barfoot & Thompson show a good solid performance from the Auckland property marketing during May with sales volumes steady and settled sales prices.

The company sold exactly 1,000 residential properties in Auckland during May for an average sale price of $479,418 which was down on the April average but in line with average sale prices for the first quarter of 2006.

April was characterised by a significant drop in the number of new listings coming onto the market, but that eased in May with Barfoot & Thompson listing 1,304 fresh properties for sale. There were 5,093 properties for sale on the company’s books at the close of the month.

Director Peter Thompson says the middle and upper sections of the market performed well with the percentage of properties sold for $500,000 or more rising from 41 percent in April to 47 percent in May. ”Overall we’re seeing a stable pattern of steady sales volumes and settled prices.”

May was a strong month for the company’s Property Management division. The rental market bounced back from a slow April to see 677 new houses and units let during May (529 in April), which is in line with the general activity trend for the year to date. The average weekly rent reflected the increased activity, rising from $338 in April to $350 in May.

ENDS

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