Auckland property listings in demand

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A listings shortage is developing in the Auckland property market so it’s a good time for property owners to consider listing their property for sale, according to leading Auckland real estate company, Barfoot & Thompson. Barfoot & Thompson, which accounts for about a third of the Auckland residential property market, says available listings at the end of June were at the lowest level so far this year. 4,683 properties were listed on the company’s books at the close of the month compared with over 5,400 during the previous six months.

Wednesday, July 5th 2006, 12:00AM

by The Landlord

Director Peter Thompson says, “Prices remained firm during June. Our average sale price was $471,652, which was down slightly on May but still pretty stable. When you couple that with the listings shortage it all adds up to a great time to sell.”

Thompson says that with the clear message coming from the Reserve Bank Governor that he wants to drive house prices down, vendors would do well to act now.

Barfoot & Thompson sold 926 residential properties during June, compared to 1,000 in May and 962 in June 2005. Almost half of the sales were for $500,000 or more and 15 percent had million dollar price tags.

On the rental front, Barfoot & Thompson’s property management division experienced its second slowest month of the year with 581 fresh lettings. Average weekly rent remained firm at $348, compared to $350 in May.

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