Prices are Increasing on Shortage of Listings
Peter Thompson, our Managing Director, recently made these comments:
“High residential property sales in Auckland during July have reduced the number of homes for sale. At the end of July Barfoot and Thompson across Auckland and Northland had the lowest level of listings in seven years, at only 3,975 it is the lowest number since late 2005.
The low number of properties for sale is being caused by high turnover, not by the low number of people listing properties for sale. In July we listed 1,295 properties, 23% more than in the same month last year. However, demand in July was exceptionally strong and we sold 28% more homes than July last year.
The number of homes on our books at month’s end has now fallen each month for five months. It has created a market in which people are prepared to act decisively. Prices are increasing, but they are not spiralling up. What is out of the ordinary is the number of properties being sold for this time of year and the speed at which they are being sold.”
In Central Papatoetoe we also are selling properties quickly and at prices that almost weekly surprise us. Properties taken to auction have often been selling above predicted levels and a number have sold over $600,000, while good quality units have sold for over $300,000.
This is a great time to be selling as the number of buyers in the market are driving this upward price change. As I have previously mentioned in this newsletter we still have many buyers and little to show them, so when a desirable property is available there is a lot of interest from genuine people.
As always, whether you, family or friends are looking to sell, buy or would like an update of your property’s current value. I would be honoured to help you – just give me a call or send me an email.
August 27 2012 02:13 pm | Uncategorized
Robert Davies