Auckland house prices edge up 0.8 percent in June, based on Barfoot figures

Wednesday 3rd July 2013

Auckland house prices edged up for a second month in June in the face of fewer listings and intense demand among property buyers, according to Barfoot & Thompson, the city's biggest realtor.

The average sale price rose 0.8 percent to $649,945 last month, adding to a 0.3 percent gain in May, the firm said. The median price rose 3.5 percent to $590,000.

"While house values are moving in a tight band at present, the number of properties on the market has shrunk to an all-time low," said Peter Thomson, Barfoot's managing director, in a statement. "Demand for properties is unprecedented and competition is intense with homes selling within a tighter time frame than at any time in the last decade."

A shortage of new homes in New Zealand's biggest city has spurred the government to introduce legislation that would fast-track developments and create special housing areas under a plan that would let government override the city council if it deemed planning and consenting functions were moving too slowly. Building consents in the city jumped 74 percent in May, driven by apartment projects, government figures show.

Barfoot sold 1,059 houses in June, down from 1,284 properties in May.

The firm had 1,189 new listings last month, down from 1,315 in May. At the end of June, Barfoot had 2,873 properties, the first month-end total below 3,000 in 11 years, it said.

BusinessDesk.co.nz

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