Auckland Property Prices Up 11 Percent Since Jan (N.Z.)

Wednesday, 14 May 2003, 10:05 am  Scoop
Press Release: Barfoot and Thompson

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Auckland Property Prices Up 11 Percent Since January

Auckland property prices have increased 11 percent since the beginning of the year according to the latest property sales figures from the city’s leading real estate agency, Barfoot and Thompson.

Director Peter Thompson says the total volume of sales was down for the month, probably because of two public holidays falling back to back, however, the average price achieved increased significantly.

Mr Thompson says it’s surprising to see that the average price reached $398,650 compared to $352,907 in March and $358,270 back in January.

“Clearly the figures have been influenced by a large number of high value sales as almost 40 percent of properties sold by Barfoot and Thompson during April were for $500,000 or more. This compares to about 29 percent in January this year.”

“It would appear that our figures back up the views recently expressed by economists who suggested that investors are shying away from other traditional areas of investment such as the share market and managed funds in favour of property.”

Mr Thompson says “my personal view is that property prices are very unlikely to keep appreciating at this rate and I would expect them to reach a plateau in the second half of this year.”

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