Average Akld property price increases 12% in March

4 April 2007

Media Release
Average Auckland property price increases 12 per cent in March

The Auckland property market continues to go from strength to strength with the average sale price increasing 12 per cent during the month of March, according to the latest sales figures from leading Auckland real estate firm, Barfoot & Thompson.

Barfoot & Thompson ended the financial year very strongly by achieving the milestone of selling more than 100 ‘million dollar’ properties in a single month for the first time in the company’s 84 year history. This included 28 property sales worth $2 million or more. 21 per cent of the company’s total sales were for sale prices in excess of $1 million.

The company experienced its busiest March since 2003, with total sales of 1,444, compared to 1,249 for the same period last year. The average price for March was $564,162, up from $504,079 in February and $475,461 in January.

Barfoot & Thompson Director Peter Thompson says, “There is clearly continuing strength in the Auckland property market. Every week this year our total sales numbers have been ahead of the corresponding week last year – and this is consistent across every price tier in the market.”

“While I would expect the average price to settle back a little from this month’s high, it would appear the average Auckland sale price is likely to remain firmly above the $500,000 mark after hovering around that price point at the end of last year.”

On the property management front, March was also a busy month for Barfoot & Thompson. 688 houses and units were let, on par with the same month last year, however the average weekly rent increased $10 to reach a new high of $367.

ENDS

© Scoop Media