Sellers need to price well: B&T
Loan-to-value restrictions and rising interest rates are keeping Auckland prices in check, Barfoot and Thompson says.
Monday, May 5th 2014, 12:00AM
by The Landlord
The real estate agency has released data on its April sales, showing that they were down 15% compared to the same time last year.
Barfoot and Thompson managing director Peter Thompson said that was not unexpected because of Easter, Anzac Day and the school holidays.
But he said the higher-than-normal 3623 listings were making things more competitive for sellers.
“Undoubtedly, the loan-to-value ratio and interest rates were also keeping prices in check.”
Barfoot and Thompson sold 811 properties during April for an average price of $708,603.
Thompson said the price was up on last year but the turnover was similar to 2012.
“It shows ongoing support in the Auckland property market, but more listings creates more choice, and that ultimately softens prices.”
“Sellers need to stay pragmatic about their property prices and not overprice them if they want them sold.”
The April median price was $619,550.
Of the 811 sales, Thompson said there were 547 sales of homes over $500,000, 286 homes sold over $750,000 and 120 sales went for more than $1 million.
Thompson said the market still showed buoyancy and would continue to hold its own over the cooler months.
“The economy is strong, and there’s a lot to choose from which is great for home buyers. But there’s realism in the market and prices are being pulled back into line. As experienced in seasonal trends, we can expect some price retraction over winter.”
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