Auckland realtor has highest August listings in four years
BUSINESSDESK: Auckland realtor Barfoot & Thompson reports its highest new listings for the month of August in four years as the average price held at near record levels.
The city's biggest real estate agency says new listings rose 9.4% to 1414 in August. The average price rose "less than $1000" to $592,395.
The number of houses sold climbed to 1016 last month from 998 in July. That is the third time this year the firms sold more than 1000 homes in a month.
Over the past four years the agency only sold over 1000 homes on one other occasion, in March 2011.
"While prices are significantly ahead of those for the same period last year, the demand for property through the winter months meant the traditional dip in values did not occur," managing director Peter Thompson says.
"These sales figures are a reflection of people's growing confidence across all price segments in the future of the Auckland economy and the future direction of the Auckland housing market.
"The next three months normally represent the peak season in the year for house sales and all the indications are that the current level of activity will be maintained through until Christmas," he says.
The firm sold 83 homes valued at more than $1 million in August. It has sold an average of 71 million dollar-plus homes in each of the past eight months, up from 47 in the same period a year earlier.
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Comments and questions10
What about the other regions in the country? Can anyone comment on their listing strength? Has residential property (& new construction projects) picked up?
Sincerely.
Your NBR friend
The problem with these types of relative boom cycles is the sharks reappear. Despite the new rules there are some in the real estate industry who are still as crooked as. I've just witnessed the most appalling scam against a young couple by an agent (not B&T) with a big name high profile agency through non disclosure. The rub is that no one has the energy to pursue an reaa complaint. Our advice is NEVER trust a real estate agent check and double check everything yourself.
All markets work in cycles. People with vested interests such as real esate agents would not have you believe this.
Having seen many boom and bust real estate cycles, I predict this one will end in tears.
The demand now is comming from investors and speculators.
People must understand that when unemployment is historically high, emigration is high, incomes are reasonably static and people do not care how much they pay for Auckland houses, then this cycle will end with a downturn.
People are just borrowing more.
I have attended several Auckland auctions recently and I cannot believe the frenzy that is going on with people bidding rediculous amounts just to buy a house with the belief that this cycle will not end.
Central Auckland can nmae your price
"The End Is Nigh"
I thought housing was unaffordable in NZ?
Sounds very affordable if there are record sales.
The article is about record listings, not sales.
At the end of August Barfoot & Thompson had 4764 properties for sale compared to 4830 at the end of July.
Looks like someone is either fudging figures or someone didn't check the PR spin that came across the news desk.
Here is what B&T said at the same time last year (2011) on its website:
"At the end of August Barfoot & Thompson had 4764 properties for sale compared to 4830 at the end of July.:
So by my reckonning 1414 listings in 2012 ISN'T higher than the 4764 figure they proported last year.
Can someone from B&T or NBR please clarify this anomoly...
[It was NEW listings that were the highest for four years, not the total number on their books. We have just had this clarified - Editor]
Whatever is listed for sale in Epsom, no matter how silly the price, seems to go very quickly.