Print

Auckland: 'Flat but not falling'

Jaimie Kanwar

New figures have highlighted the mixed fortunes of the Auckland real estate market...

According to real estate company Barfoot & Thompson, Auckland house sale figures show the number of homes sold in May fell by more than a half, but prices rose slightly. The number of residential properties sold by the company last month fell to 515, down from 1,109 in May last year.

The average sale price increased 2.7 per cent to $534,254 from $520,380 in April. This, says Barfoot & Thompson, is the highest monthly average so far this year.

Managing Director Peter Thompson commented: “Monthly sales figures are representative of a flat, rather than falling market. We have 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 also interesting to note that the May 08 average price is pretty close to the average for the 2007 calendar year which was $538,478."

The Barfoot & Thompson news came just hours after Reserve Bank Governor Alan Bollard said house prices may fall by as much as 13 per cent from their 2007 peak