The Auckland housing market had its strongest June in five years, with the average sale price hitting a record-high.
Barfoot & Thompson, which sells about one in three Auckland residential properties, said June's average sale price rose 1.2 percent to $589,251 and was 8.5 percent above the average for the whole of 2011.
“For most properties, prices are edging up, and the average sales price in June was 3.2 percent above the average price in March, which is a modest increase over the three months given the tight supply of properties,' Wendy Alexander, chief executive said in a statement. “This increase is coming from a combination of people moving from renting to buying and growth in Auckland’s population."
Alexander said the realtor had 4,078 listings on its books at the end of June, the lowest number in about seven years.
The number of new listings fell 19.5 percent to 1,245 when compared to the same months a year earlier.
"Demand is out stripping the availability of property," Alexander said, though it was "in line with expectations for the middle months of the year."
The firm sold 994 properties in June, down from 1,165 in May. It sold 84 homes valued at more than $1 million, down from 91 in May.