Spring shoots for Auckland real estate market

By | September 7, 2009

 3 September 2009

One of Auckland’s largest real estate agencies has reported that Auckland’s property market is showing good signs of movement with house sales in August up more than 65 percent on the same month last year.

Average prices were also up slightly from August last year, rising 1.5 percent to $520,023.  They also saw an improvement on their previous month’s sales, up 6.5 percent.

“Keen interest has returned to the Auckland market…” said Peter Thompson, company managing director.

“However, it’s not a case of the market taking off.  Rather, the mood is one of quiet confidence that the time has arrived to act.”

Buyers were still being “restrained and selective” said Thompson, but were committed to completing transactions, which had lifted activity across all areas.

Still of concern is the low number of properties for sale and this is a significant factor preventing the Auckland housing market returning to a “nice balance”.  At the start of September the number of properties on their books was their lowest for 19 months.

But given the improvement in the level of sales activity, it is anticipated that more sellers will now enter the market.

ref: NZ Herald