3 September 2008
Media Release
August sales slow, but prices continue to hold
The latest monthly results from leading Auckland real estate firm Barfoot & Thompson reveal that sales were slow during August, but prices continued to hold up.
Barfoot & Thompson sold 502 properties in August, which is low compared to a monthly average of around 900 sales per month during
2006 and 2007. However the average sale price $524,248, up 5.4% on July, and in line with what the market has been
consistently delivering this year to date. (Average price Jan - Aug 2008 = $517,117)
Managing Director Peter Thompson says the most noticeable feature of the month was the low number of new listings signed
up (1078 compared to an average of about 1500 per month to date this year). Clearly vendors are nervous about putting
their properties on the market at this time and that is probably being compounded by the looming election.
"Every three years we see the uncertainty surrounding the pending election flow through into the property market.
Vendors tend to want to hold off until post-election when the outcome is known. I would urge those who need to sell to
simply get on with it."
"List now to catch the spring market and you will benefit from less competition for the buyers who are out there. We've
seen an increase in buyer activity of late, both through direct enquiry and at our auctions. Don't be fooled into
holding off until after the election because there will likely be increased competition at that stage."
Key points for august:
August 2008
August 2007
Total sales
502
764
Average sale price
$524,248
$552,480
New listings sign up
1078
1618
Listings available at the close of the month
6835
4744
Average weekly rent
$384
$368
August was a steady month for Barfoot & Thompson's property management division. 677 properties were let and the average weekly rental remained static at $384
per week.
ENDS