In October the average price of a home in Auckland broke through the $600,000 ceiling for the first time, setting a record average price of $618,707 according to data released by Auckland's largest real estate agency today.
"This is an increase of nearly $33,000 or 5.6 percent on last month’s average price, and is 4.4 percent higher than the previous record price of $592,396, recorded in August this year," said Wendy Alexander, chief executive of Barfoot & Thompson.
“October was one of the most active selling months we have ever experienced."
“It was a case of demand far out stripping the number of properties up for sale."
Sales for the month at 1,081 were up 11.6% on those for September and up 48.7% on those for the same month last year.
“Even though we listed 1,645 new homes during the month, our highest number of new listings in 31 months, and the highest in an October for three years, it was insufficient to meet buyer demand, particularly at the top end of the market."
There were 119 sales of homes for a price in excess of $1 million, the highest number in this category ever sold by Barfoots. They have now made 763 such sales in 2012, a 64% increase on the same period in 2011.
“The only time we have ever sold more than 100 homes for in excess of one million dollars in a month previously was at the height of 2007’s sales activity, and at that time the average monthly selling price was $564,000" said Alexander.
At the end of the month Barfoots had 3,835 properties on their books, the third lowest number in more than a decade.