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Barfoot’s Auckland property listings jump 40%, average price slips

Auckland real estate firm Barfoot & Thompson's new listings more than doubled in January from December while the average sale price fell, suggesting the city's overheated property market is luring more sellers.

Auckland's biggest real estate firm listed 1440 properties in January, the highest for that month in five years and up 40 percent from January 2012. The firm had 697 listings in December.

The average sale price last month was $600,754, the first time it has exceeded $600,000 for January. That is up 13 percent from a year earlier and down from $624,015 in December. The average price hit a record $627,721 in November.

New listings in January outpaced the 820 properties sold by Barfoot in the month, which was a six-year high and up 20 percent from a year earlier.

Of the total properties sold, 47 percent were under $500,000 and about 16 percent below $300,000. There were 68 homes sold for more than $1 million.

(BusinessDesk)

Comments and questions
5

Supply and demand, baby.

So that means 236 sold from between $500K & $1 million, right. Not a bad month for B&T when you add up that commission.

Agents should start reducing their fees. As house prices soar, so do the obscene commissions real estate agents charge as it is based on a percentage of the value of the house!

The listings of a particular company are not representative of a market.

I'd like to know how many actually sell. Listings are not worth a cent if the property can't sell or fetch a price the vendor is happy with.