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Barfoot and Thompson reports sales still only 'ticking over', down 25% in Sept from a year ago; but prices up 1.7% from a year ago
By Bernard Hickey
Auckland's biggest real estate agency group Barfoot and Thompson has reported sales volumes were down 25% in September from a year ago, but that average prices were slightly higher than both August and September a year earlier.
Barfoot and Thompson Managing Director Peter Thompson said sales in September of 689 were still only "ticking over" and sales had not exceeded 700 in a month for four months.
Sales were down 24.8% from the 917 reported by Barfoot and Thompson in September last year and were up only slightly on the 637 reported in August.
The average sales price of NZ$523,861 was up 2.5% from NZ$510,879 in August, but was up 1.7% from September a year earlier.
About a third of all property sales in New Zealand are from Auckland, with Barfoots' market share in Auckland around 43%. Barfoots was responsible for about 15% of sales nationally in August. It is the first group to report sales and price data for September.
“The average price we achieved in September was right in line with the average monthly sales price achieved for 2009," Thompson said.
“It points to prices being stable and is a pleasing return after the decline seen in August," he said.
“While prices have moved on the back of the return of Spring, sales remain quiet. For example, in September last year we sold a quarter more homes. However, a sign that the market is stirring is new listings increased, and in September we listed 1203 homes, an increase of 10.8 percent on those for August but still well down on last September’s 1466 new listings."
Barfoot and Thompson had 5,572 homes on its books at the end of September, which was in line with the number at the end of August and 6% above September last year. \
The average weekly rental recorded by Barfoot and Thompson in September was NZ$407, up NZ$1/week on that for August and NZ$23 a week more than in September last year.
The company let 717 properties in September, up 2.3% from a year ago.
(Updated with interactive chart)