7 June 2012
According to Auckland’s largest real estate company Barfoot and Thompson, Auckland sales were at their highest May level since 2005. Not only was there no sign of the usual slowdown heading into winter, Auckland house prices hit a new high of $582,285 for the month.
This continues the strong growth of Auckland property with the average price of $582,000 being the highest ever recorded, as well as 7.2% above the 2011 average price.
The monthly sales total of 1165 was 31% higher than May 2011 and 55.3% up from the previous month. Despite having the highest number of new listings in a May for five years, Barfoot and Thompson managing director Peter Thompson said that supply was still unable to meet the ongoing consumer demand in Auckland.
Thompson believes that the city’s continuing population growth and slow construction at low rates meant a shortage of supply and therefore rising prices
“This shortage of available housing is being felt right across Auckland, and in all price ranges.”