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Auckland property market takes a holiday

Media release

Wednesday 9th February 2005

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The traditional summer slow down in property sales is reflected in Barfoot & Thompson's January sales results.

Barfoot & Thompson sold 878 dwellings in January for an average price of $454,345. This is lower than the December average of $466,529, however, that figure was skewed by two large sales worth more than $10 million each. In January there was one land sale valued at $11 million.

Despite the drop off in average sale price during January, the figure is still 19% higher than the same period last year.

Director Peter Thompson says, "January is always a quiet month for sales because many people are still away on holiday. However, it's interesting to note that week by week analysis shows that sales activity has increased significantly in the past three weeks with the volume of sales well ahead of the corresponding weeks last year."

Thompson says, "The overall trend continues to indicate that the Auckland property market remains relatively steady."

Almost 40% of Auckland properties sold by Barfoot & Thompson during January were for more than $500,000, almost 20% sold for more than $750,000 and 11.4% of sales were for more than a million dollars.

Thompson says the rental market was very busy in January. "This is traditionally the busiest month of the year for our letting agents. 726 houses and units were let and the average weekly rental reached $346 which is the highest ever according to Barfoot & Thompson's records."

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