Auckland property 'taking a breather'

Wednesday 7 July 2004

Data from Barfoot & Thompson show that the Auckland property market "took a breather during the month of June," said B&T director, Peter Thompson.

By The Landlord

But top-end properties continue to sell at an escalating premium, he said.

Mr Thompson said 994 Auckland properties were sold during June, compared to 1,052 the month before -- and that monthly sales so far this year had ranged from 1,001 to 1,411, making the June volume the lowest so far.

The average price achieved for June was $429,739, compared to $456,407 for May and $370,837 a year ago -- but the May figure was inflated by a single $14 million sale.

Rentals are also doing poorly.

In the rental market, 612 properties were let, slightly ahead of the previous month, but the average weekly rental was $327, which is the lowest it's been since December. Average rents have this year ranged between $330 and $341.

Things weren't quite so grim at the upper end of the scale, however.

Mr Thomspon said there continues to be significant interest in the top end of the Auckland property market.

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