Otago Property Investors Association Inc

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New listings offer no supply boost: Barfoot


Barfoot and Thompson reported a jump in new listings in July – but still ended the month with fewer properties on its books than at any other time in history.

The average house price held steady at $654,379, $4000 up on June. The median dropped slightly to $585,000.

Managing director Peter Thompson said there was a 37% increase in new listings coming on to the market in the month. It was the second-best month for new listings in 2013.

But there were 1133 sales in the month, an increase of almost 7% on June and more than 13% up on the same time last year. It is the fifth consecutive month of sales of more than 1000. Sales had not been that consistently high since 2004, the agency said.

“The last time we sold a similar number of properties during July was in 2005. By the end of July, we had 2837 properties on our books, which represents 29% fewer listings than July last year, and in fact, an all-time low for available listings.”

Source: Landlords.co.nz

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