Wednesday 6th June 2012
|Text too small?|
The Auckland housing market had its strongest month of May in seven years, with the average sale price hitting a record high. Barfoot & Thompson, which sells about one in three Auckland residential properties, said the average May sale price rose 2.5 percent to $582,285.
That's the highest average price the firm has ever recorded. Sales increased 31 percent to 1,165 on the same period a year, a 55.3 percent jump on April's 750 sales. "A significant number of new listings, keenly priced mortgage lending rates, fine weather and a large pool of potential buyers all played their part in the level of activity achieved," said Peter Thompson, managing director, in a statement.
"The low number of new homes built in past years, coupled with Auckland's population growth, has created a situation where supply remains the issue, and this is reflected in the prices being obtained."
March and April normally represent the high point of ‘summer’ sales activity and prices as volumes tend to ease, though the "market shows no signs of slow down as we approach winter," Thompson said. The number of new listing rose 12.2 percent when compared to the month earlier. It sold 91 homes valued at more than $1 million, while a little more than half the homes sold were valued at less than $500,000.
No comments yet
NZ dollar treading water as markets focus on Iran
MARKET CLOSE: NZ shares extend gain as passive funds bolster prices; Tourism Holdings climbs
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB