Houses for Sale in Auckland Lowest in a Decade

03 August 2011 - Which Way to Pay

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Houses for Sale in Auckland Lowest in a Decade

Homeowners in Auckland have put 1050 new properties up for sale last month, the lowest number in a decade according to the real estate agent Barfoot & Thompson.

The largest real estate firm in Auckland had 4,830 properties on its books in July which is reported to be its lowest number in four years.

That said, the statistics from Barfoot also reveal that despite property numbers decreasing, demand has not. July saw the sale of 778 homes, up nearly 21% compared to last year but down 11% from June. Conversely, the average sale price was down 1% in July compared to 2010; the average sale price being $530,191.

The managing director of Barfoot said "Even though there are buyers out there, prices are increasing at only a nominal rate...buyers are prepared to pay a fair market price, but not over the top."

The record low in interest rates has encouraged buyers to return to the market, however the rising mortgage rates is sure to dampen this significantly. However, the stability of the property market is surprising to many, as commented on by ASB economist Chris Tennent-Brown:

"We expect ongoing tightness in the Auckland property market to be supportive of prices in the future, and price gains in Auckland are likely to be stronger than in most other regions over the year ahead."

So, despite the tightness in the market, the average house prices from Barfoot and Thompson had been relatively steady over recent months.

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