Listings shortage in Auckland property market
The Auckland property market faced a severe shortage of listings in August, according to the latest figures from the city’s real estate leader Barfoot & Thompson.
Wednesday, September 7th 2005, 8:37PM
The company closed the month with 3,991 available listings on its books. Company records show this is the first time in almost 10 years that listing numbers have been so low. Listings have not dipped below 4,000 since April 1996.
Director Peter Thompson says: “Naturally the listings shortage is feeding through into prices because vendors are finding there is a reduced level of competition in the market place.” However Thompson says buyers were having to pay good prices to secure the property they wanted.
The average sale price for August was $451,807 which was down slightly on July but is ahead of the average for the year to date and 5.4% higher than the same month last year.
“Clearly buyer demand is continuing and smart vendors will recognise that this is a good time to consider listing their properties for sale to achieve a good price,” Thompson says.
On the rental front, August was Barfoot & Thompson’s busiest month since January with more than 700 fresh lettings. The average weekly rent was up slightly to $338 from $332 in July.
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