Auckland house prices picking up
Auckland house prices and sales volumes appear to be holding up well according to the latest sales data from a local real estate firm.
Wednesday, December 13th 2006, 12:00AM
by The Landlord
Barfoot and Thompson its dwelling sales in November totalled 1,089 which was an increase from a year earlier of 4.1% with sales in the three months to November up by 1.3% from a year earlier.
This shows there is some improvement in sales volumes, but there is no sign that a flood of properties are being placed on the market by concerned vendors.
Likewise the total number of listings was up a only 0.6% to 4,581 compared to the corresponding period last year.
Bank of New Zealand says the ratio of sales to listings indicates the market is nowhere near as strong as it was three years ago but it has improved from weakness late in 2004.
The median dwelling sale price improved for the second month in a row from $502,000 to $507,000.
“This was a 6.3% rise from a year earlier and on the face of it makes one think that the sharp jump in the median dwelling sale price nationwide recorded in the REINZ figures for October may be reversed slightly when their figures for November eventually appear.”
The bank says there is no reason for expecting that in the very short term house price inflation is going to slow by much although it does expect an easing to below 5% over 2007.
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