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Autumn cooling in Auckland house sales, despite March record

BUSINESSDESK: Auckland house prices and number of sales fell in April, despite March having the strongest monthly sales in five years.

Barfoot & Thompson, which sells about one in three Auckland residential properties, said the average April sale price was $568,000 - $3000 lower than in March.

Its April sale numbers of 750 were 40% lower than the previous month, though consistent with April 2011 sales.

“At month’s end we had only 4621 homes on our books throughout Auckland, the lowest number in four months and 17.2% lower than at the same time last year,” managing director Peter Thompson said.

“This underlies the extent to which there is a lack of choice available to potential home buyers.” 

March and April normally represent the high point of summer sales activity, with prices and volumes tending to ease going into autumn.

Mr Thompson predicts the high level of buyer interest and low levels of choice will likely see prices hold firm during May.

“For three of the four months of this year, the average sales price for the month has been higher than the corresponding month last year,” Mr Thompson said.

Price increases have ranged from 4.2% in April, to 2.7% in January and February. March’s corresponding year price difference was a fall of 1.7%.

“Prices are not running hot and those being achieved above realistic valuations are the exception and not the norm,” he said.

Comments and questions
1

Interesting article insofar as I must be surrounded by exceptions, lucky street I guess. Cant remember the last time agents actually were door knocking like they are now after a few good nearby sales.