Auckland Property Sales Surge In November, Prices Also Rise

December 5, 2011
Media Statement

Auckland Property Sales Surge In November, Prices Also Rise

Interest in the Auckland housing market returned with a surge in November, with sales numbers increasing sharply and prices registering their largest one month increase since March.

“November was an extremely active month with the average selling price rising by 2.5 percent on October’s values to $567,489,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“This is the highest average monthly price since March, and the second highest average monthly price ever.

“The top end of the market was once again extremely active, and in November we sold 75 homes for $1 million or more.

“The average price was achieved across 894 sales, an increase of 23% on the number of homes sold in October, and up a third on the number of homes we sold in November last year.

“For the past four months the Auckland market has been ticking over quietly, but with the coming of summer, the end of the international rugby tournament and a degree of certainty as to the outcome of the general election, buyers and sellers felt the time was right to act.

“New listings at 1562 were up 18.9 percent on those for October, and were the highest they have been for 10 months.

“The greater choice available to buyers also increased market interest.”

Mr Thompson said that while the average monthly price of $567,489 was the highest average price ever recorded in the month of November, and was another indication that house prices were not far from their peak values in 2007, the market remained measured.

“Properties with appeal are attracting a good deal of interest, but buyers are not paying over the top or acting in haste to secure properties.

“Given the number of properties we have listed for auction in December and new listings in the pipeline, we anticipate that the strong sales pattern of November will continue right up to the Christmas break.”
At the end of November Barfoot & Thompson had 5046 properties on its books, 47 more than at the end of October.

Ends

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

© Scoop Media