Buyers market in Auckland

This is not only the highest monthly stock level to date this year but the highest since January 2002.

Director Peter Thompson says “We signed up more than 1900 new listings during November, which is in line with expectations for this time of the year, although slightly ahead of the same month last year.

“With our stock levels at a five-year high, vendors need to be aware that buyers have plenty to choose from in the current market and properties need to be priced realistically to sell within a reasonable timeframe.”

The Auckland property market was characterised by a “good volume” of sales and stable prices in the month, he says.

The company sold 881 properties for the month, up from 675 in September and 796 in October. The average sale price was virtually unchanged at $546,364, compared to $546,679 in October.

“Overall the picture is of a very settled market delivering stable prices and I believe that will continue well into 2008,” says Thompson.

Other key property sales figures for the month include:
· 56.6% of sales were for $500,000 or more
· 70 sales topped $1 million
· The busiest week of the month was 12-18 November when 283 sales were made.

In property management, where Barfoot & Thompson has more then 7000 houses and units under management, average weekly rents dropped back from a 2007 high of $388 in October to $377 in November. 628 fresh lettings were signed up in November.