Sharechat Logo

Auckland house sales fell in August

Wednesday 3rd September 2008

Text too small?
Fewer houses were sold in Auckland in August while the average price rose from the previous month, according to Barfoot & Thompson, the city's biggest real estate firm.

The volume of sales fell to 502 from 629 in July, according to the firm's sales figures. Sales were down from 764 in August 2007. The average price was NZ$524,248, up 5.4% from July.

The decline in volumes and lower-than-average new listing suggest vendors are nervous about testing the market and may also be nervous about the impact of the looming general election, said, managing director Peter Thompson said in a statement.

Property rents were unchanged for the month with the average weekly rental at $384.

The figures add to evidence the housing market is in decline, after government figures on August 29 showed the number of home-building consents held near the lowest level in 22 years in July. Consents rose 4.7% in July to 1,405, seasonally adjusted, from 1,341 in June, according to Statistics New Zealand. The June reading was the lowest since 1986.

The domestic economy contracted in the first half of the year, according to the Treasury, the first recession since 1998.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Tourism Holdings Limited (NZX: THL) thl to acquire MaxiTRANS NZ
NZ Compare announces the acquisition of PriceMe
25th January 2022 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra lifts forecast Farmgate Milk Price range
Green Cross Health Limited (NZX: GXH) Trading update
Ebos Group Limited (NZX: EBO) Retail Offer Oversubscribed
24th January 2022 Morning Report
ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility