by The Landlord
The 1771 new listings in February was up 47.7% on January and was the highest number in 16 months.
The increase meant there was a significant rise in buyer choice.
As a result, the average selling price for the month fell by 1.3% on January to $747,521. The median price fell by 1.9% to $686,500, from $700,000 in January.
Barfoot and Thompson managing director Peter Thompson said the increased choice meant some of the pressure on prices eased and that buyers showed more caution about paying over the top to get properties.
However, the dip in prices does not indicate a decrease in market activity.
Thompson said that this February was one of his agency’s busiest on record, with sales up by 9.3% on those for the same period last year.
“The level of sales activity shows that, while there is still strong buyer interest, for the time being buyers felt property was fully priced.”
He added that, while demand for property in the under $500,000 price bracket was strong, property in the $750,000 to $1 million bracket was in high demand.
Barfoot and Thompson, which sells around one in three of Auckland residential properties, has now started March with the highest number of properties on their books since last November.
| « Auckland values lead nationwide increase | Rental market favours landlords » |
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