$1 million-plus Auckland properties in hot demand
Demand for property in Auckland keeps heating up but the sellers simply aren't home.
Demand for Auckland homes over a million dollars appears as strong as ever and is heading for a new "norm."
Leading residential agent Barfoot and Thompson says the firm had its strongest June in five years, with the average sale price hitting $589,251.
However, the number of listings on its books in June was at the lowest level in about seven years, with new listings falling 19.5% to 1245.
"Demand is outstripping the availability of property ... though it's in line with expectations for the middle months of the year," Barfoot and Thompson chief executive Wendy Alexander says.
The company sold 81 homes for more than $1 million dollars in June, with some selling for $2 million or $3 million.
Ms Alexander would not give specific details. She said the firm had "a massive sale" in June but the new owners wanted a confidentially agreement, preventing disclosure of sale details.
Sellers and buyers seem attracted to the auction or tender process, with 550 of June's 1245 new listings marketed as either auction or tender.
"People keen to get into the market, or sellers, love the finite term of an auction," Ms Alexander says. "And, of course, sellers are motivated because they've invested in the sale process."
Blair Cunningham
Wed, 04 Jul 2012
Wed, 04 Jul 2012
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$1 million-plus Auckland properties in hot demand
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