Auckland house listings near four-year low, Barfoot says

Auckland house listings near four-year low, Barfoot says

By Paul McBeth

July 5 (BusinessDesk) – Auckland house listings are at a four-year low as winter gloom and a tepid economic recovery sap home-buyers’ appetite to commit to a big-ticket purchase, according to real estate agency Barfoot & Thompson.

The city’s biggest real estate firm had just 5,067 properties on its books at the end of June, down from 5,249 at the end of May and the lowest since August 2007. It sold 873 properties in June, down 1.8% from May, but up 31% from the same month a year ago.

“There is a high level of demand for properties, but a lack of confidence in the future of the economy is creating a natural brake on the willingness of owners and buyers to commit to moving on with their housing plans,” managing director Peter Thompson said in a statement. “When available listings are this low, the market is normally running hot with prices and sales volumes on the rise, but that is not the current situation.”

In recent months, house sales have been climbing out of last year’s sluggish spell as homeowners start to drop their prices as buyers shied away from over-valued property.

Barfoot said the average sales price fell 1.6% to $521,019 last month compared to May, and was down $2,000 from the same month a year earlier.

(BusinessDesk)

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