Auckland property volumes down but prices up
The number of residential property sales in May was down by more than half on the same month last year.
Thursday, June 5th 2008, 4:05PM
by The Landlord
The latest figures from Auckland real estate company Barfoot & Thompson record 515 sales for the month of May, down 54% on the 1,109 sales in May 2007.However, the average sale price increased 2.7% to $534,254 in April. This is the highest monthly average so far this year.
Managing director Peter Thompson says the company’s monthly sales figures are representative of a flat, rather than falling market. “We haven’t seen remarkably consistent market conditions since the middle of last year with the level of activity dropping off, but prices holding pretty steady. It’s interesting to note that the May 08 average price is pretty close to the average for the 2007 calendar year which was $538,478.”
Thompson says the company has noticed an increase in buyer enquiry and activity over the past month – even though it may not yet be translating into sales.
“We’ve certainly seen increased attendances in our auction rooms and more bidding activity. We’ve also had some recent sales where vendors had multiple offers to consider, something that has been relatively rare in previous months,” Thompson says.
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