Sharechat Logo

Auckland house sales still in doldrums

Wednesday 4th August 2010

Text too small?

Auckland house sales stayed in a slump last month as winter kept the market in a malaise.

The number of sales dropped 3.2% to 644 in July from a month earlier, and was down 17% from a year ago, according to Barfoot & Thompson, Auckland's biggest real estate firm.

The average sale price crept up 2.2% to $534,389 from June, and was 5.3% higher than July 2009.  

"It's a typical situation that can develop in mid-winter, especially during periods when economic activity is quiet," said managing director Peter Thompson.

"Until winter is behind us, we anticipate market conditions will remain the same as at present." 

The property market has stayed in the doldrums this year as a pick-up in the number of kiwis cross the Tasman to enjoy Australia's stronger economy eroded last year's demand for housing.

The recession took its toll on consumer spending as households pay back debt to get their balance sheets under control.  

Barfoot added 1,267 new listings taking its total number of listings to 5,759 at the start of August, though this was 264 fewer than the start of July.  

The firm's average weekly rent rose $5 to $408 last month and it rented out 775 properties in July, up 12% from June. 

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO