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08-01-2014

Fewer entry-level sales reported

Landlords.co.nz

Houses in the cheapest price brackets were not sold as frequently as more expensive homes in December, continuing a trend spotted in November.

By Susan Edmunds

Real estate agency Barfoot and Thompson has reported a record average house price for Auckand in December, of $700,387.

But that may have been boosted by the fact that fewer of the sales were to cheaper properties.

The bottom end of the market has slowed since the introduction of LVR restrictions in October.

Barfoot and Thompson had 239 sales under $500,000 last month, out of 817 in total.

It was the second-busiest December in 10 years.

Managing director Peter Thompson said summer was traditionally when higher-priced properties came on to the market.

The median price for the month was $629,000, up 14.25% on December 2012.

Thompson said he was still seeing the same issues in the Auckland market that had been a problem all year – such as a lack of listings combined with confidence in the strength of the market. “I expect to see that for at least the next quarter.”

The agency’s average price for 2013 was $649,725, up from the $584,715 reported in 2012.

Thompson said a lack of choice was again becoming a big problem for buyers.

“The year ended with lack of choice again becoming an issue with new listings for December at 631. At month end we had 2969 listings on our books.”

Tags: peter thompson

Source: Landlords.co.nz

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