Property listings fall further in Auckland

NZPA

Wednesday 3rd August 2011

New listings at Auckland real estate company Barfoot & Thompson reached a decade low in July, as the number of properties on its books fell to the lowest level in nearly four years.

The company listed 1050 new properties for the month, and at the end of July had 4830 listings.

Barfoot & Thompson managing director Peter Thompson said the market was stable and was waiting for greater certainty in terms of when the economy would start to pick up.

"While choice is limited it is not holding back sales numbers, or contributing to higher prices."

During July the company sold 778 homes, down 10.9 percent on those for June but at the top end of a range between 650 and 780 for July months during the past four years, Thompson said.

The average price was down 1 percent from a year earlier at $530,191.

Normally, the combination of buyers in the market and lack of choice would lead to prices increasing as buyers competed for available properties, Thompson said.

But prices were increasing at only a nominal rate, with buyers not prepared to pay "over the top".

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