Sellers digging in their heels?
While the median price of Auckland residential properties rose marginally in August, the number of sales fell dramatically to just 2176 – a drop of 25% on the previous August.
Monday, October 1st 2007, 10:46AM
by The Landlord
Apart from the quiet December/January period, this is the first time sales have dropped below 2200 since October 2001, says the latest Crockers research report.
“Clearly, property owners are less likely to sell at prices lower than their expectations, and are holding tight instead of moving on,” says the report.
Meanwhile, Auckland rental levels continue to rise slowly, particularly in the three-bedroom market, which has cracked the $420 barrier for the first time, to an average $426 per week.
This compares to $320 per week nationally, maintaining the 33% premium that Auckland properties have commanded recently.
The two-bedroom market is less active, settling at $320 per week (having been at similar levels for the past few months), a 21% premium on the national average of $265.
| « Latest REINZ data confirms plummeting sales | Auckland property market slow in September » |
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