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119 million-dollar Auckland homes sold in October

Barfoot & Thompson sold its highest number of Auckland homes valued at more than $1 million in October – 119 properties.

For the first 10 months of the year the company’s agents sold 763 homes at more than $1 million, 64.4% higher than for the same period last year.

“The only time we have ever sold more than 100 homes for in excess of $1 million in a month previously was at the height of 2007s sales activity, and at that time the average monthly selling price was $564,000,” chief executive officer Wendy Alexander says.

Auckland house sale prices measured by Barfoot & Thompson averaged $618,707 in October.

This is an increase of nearly $33,000, or 5.6%, on September’s average price and 4.4% higher than the previous record price of $592,396, set in August.

October was one of Barfoot & Thompson’s most active selling months ever.

“It was a case of demand far outstripping the number of properties up for sale,” Ms Alexander says.

The 1081 sales achieved by Barfoot & Thompson were up 11.6% its performance in September and up 48.7% on the same month last year.

“At the end of the month we had 3835 properties on our books, our third lowest number in more than a decade,” Ms Alexander says in a prepared statement.

c.hutch@clear.net.nz

More by Chris Hutching

Comments and questions
5

Surely real estate agents can now afford to reduce their commisions based on the value of houses.
They are doing the same amount or less work (as houses now sell themselves) and are reaping bigger and bigger rewards.
Their renumeration for what they do is obsene, given no formal qualifications are required to enter the industry.(apart from a diploma obtained from a few week's study)

If agency is really that easy and overpaid why don't you give it a go? You might find there is more to it than planting a sign and reaping rewards - easy to wave your arms around complaining when you don't know what your talking about.

Negotiate the sales commission -- we sold a property two and a half years ago for 1.250 mio and never paid anywhere near the rack rate which would have been obscene.

Anyone can sell their own home themselves saving the high cost of real estate commissions, just make sure you are well researched, have a good solicitor and engage a registered valuer. We did that recently with a wonderful result.

yet another reason not to live in Auckland. Its a nice place to visit but who the heck needs a $1m mortage for what would be an average house in a decent suburb anywhere else in NZ?