A lift in sales of high value properties helped push the average sale price for Auckland residential property to its highest level in nearly three years, real estate company Barfoot&Thompson says.The average price of $533,743 was attributable to a gre
A lift in sales of high value properties helped push the average sale price for Auckland residential property to its highest level in nearly three years, real estate company Barfoot&Thompson says.
The average price of $533,743 was attributable to a greater level of high value sales in the inner ring of suburbs around the central business district, and along the eastern coastal suburbs, Barfoot&Thompson managing director Peter Thompson said.
More than a quarter of the company's sales were at the high value end, a far greater percentage than was normal.
The 668 house sales by the company in November were up 19.1 percent on October, but were down on numbers traditionally sold at this time of the year. In November 2009, the company sold 862 properties.
"The volume of sales across the region has started to build, in part through vendors and buyers reaching agreement as to what is market value, and also through the lift which normally occurs as we move through spring into summer. However, sales are not as strong as in past years," Mr Thompson said.
Property rentals continued their steady increase, with the average weekly rent increasing by $2 to $411, achieved across 729 new rentals.
Goldman Sachs&Partners economist Philip Borkin said the figures showed a seasonally adjusted 11.1 percent rise in house sales by Barfoot&Thompson in November from October.
It was the first increase in sales activity since July and only the fourth month this year that sales activity had risen on the previous month, Mr Borkin said.
New property listings were up 17 percent in seasonally adjusted terms which may signal a lift in confidence, but could also be a late flurry after the typical spring lift failed to show up this year.
While sales activity rose, a higher number of available properties for sale meant unsold inventory rose to 9.7 months, the highest since February 2009, signalling the likelihood of further downward pressure on house prices, Mr Borkin said.
