Auckland house prices 'on track'?

Published 08th Jul 2008

There was good and bad news for the Auckland property market in June, new figures have revealed.

According to prominent real estate firm Barfoot & Thompson (B&F), Auckland property prices fell in June, but this was balanced by the fact that there was a slight lift in the number of sales. B&F found that:

- The average sale price for June was $525,316 - down 1.7 per cent from May.

- There were 556 transactions - half of the 1,000 sales recorded in June last year, but an increase on the 453 and 515 sales recorded in April and May respectively.

Managing Director Peter Thompson said the result was ‘in line with expectations', adding: "June is always one of the slowest months in real estate so it's good to see the overall volume of sales has increased over the past two months."

"There is a clear pattern emerging where vendors are hesitating to list their properties for sale unless they have to. We recorded 1,214 new listings in June, which is the lowest figure this year to date.

"Our stock on hand position at the close of the month reflects this with 7,122 listings on our books, down from a 2008 high of 7,483 in April."

Real Estate Institute of New Zealand figures show the number of sales staff employed in Auckland fell from 7824 in December last year to 7150 at the beginning of June.

Source: ' Move Channel Ltd '

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