Anne Gibson

Anne Gibson is the Property editor of the NZ Herald

Auckland house prices run hot in November

Photo / Thinkstock
Photo / Thinkstock

Auckland house prices rose at the rate of $677 a day in November, based on the average price increase from October to November.

October's $663,000 average sale price rose to $684,000 last month, giving a monthly price rise of $21,000 in just 31 days.

Auckland's biggest real estate agency, Barfoot & Thompson, had its best November on record, selling 189 $1 million-plus houses.

Peter Thompson, managing director, just released the monthly figures which showed the average sales price rose 3.2 per cent on October to $684,646.

The median price increased by 5.3 per cent to $621,400.

"What has to be factored into November's sales figures is that it is traditionally one of the strongest trading months of the year, particularly for high end homes," he said noting some loss of appetite for house buying.

"Overall, November was less active than October, and what may have occurred in October was a rush of activity in anticipation that change was about to happen, with people determined to get their property intentions sorted ahead of that change," Thompson said.

ASB economist Daniel Smith said Auckland house sales actually fell by 12.5 per cent in November and noted a drop off in the number of homes being sold at auction.

"Mortgage restrictions are likely limiting the flexibility of buyers to purchase through auction," Smith said.

"It is unclear if there was a noticeable impact from the RBNZ's restrictions on high-LVR mortgage lending. The drop-off in new listings suggests that supply constraints will continue to put upwards pressure on prices."


Barfoot & Thompson's average monthly residential sale price for 2013:

January - $600,754
February - $604,164
March - $645,928
April - $643,089
May - $644,737
June - $649,945
July - $654,379
August - $647,647
September - $657,912
October - $663,123
November - $684,646

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