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Auckland Property Market Continues To See High Demand

News Posted On: 09 August 2012

Higher end properties in Auckland are continuing to see strong demand as there are fewer properties for sale in this sector, with demand outstripping supply. At the end of July the number of homes for sale hit its lowest level for seven years, according to New Zealand estate agents Barfoot & Thompson, who had just 3,975 properties on their books, the lowest level since late 2005.

The firm sold 998 homes in July for an average of $591,444. According to them this low number of properties sale is being caused by high turnover rather than people choosing not to list their homes. In July they listed 1,295 properties which is a 23.3% increase on the same month in 2011. However they sold 28.3% more homes in July compared to July 2011.

This particular estate agent has seen the number of homes on their books fall for five consecutive months, creating a market where people are prepared to take action sooner rather than later. It's the number of homes being sold which is extraordinary, as property prices aren't increasing particularly fast.

The average sales price increased by just over $2,000 in July compared to June, and the overall price difference between May and July is around $9,000, an increase of less than 2%. Sales of properties costing in excess of $1 million are continuing to increase, as 82 properties were sold within this price range in July compared to 50 during the same month last year. Although higher value properties are proving to be extremely popular, around half of all sales are for homes costing less than $500,000.

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