Prices edged up slightly in Auckland's residential property market in June, while the number of sales and listings were consistent with the same period last year.
Peter Thompson, Managing Director of Barfoot & Thompson said the average sales price during June was $908,343, an increase of 3.9 percent on May and 4.2 percent on the average price over the previous three months. This follows very little change in the average prices of April and May.
The median price for June was $839,500, an increase of 3.7 percent on the previous month.
"The moderate increases in the average sales and median prices are a measure of a very tight supply situation. At the same time it demonstrates that residential purchasers are maintaining a level head in terms of the value they see in the properties on offer. These are signs that vendors are similarly realistic, even in a constrained market," commented Mr Thompson.
"During the first six-months of 2016 we have seen an 11.9 percent increase in the average house price across the city, and the June year-on-year increase is now 9.9 percent.
"The number of new listings (1170) and volume of sales (1168) were a marginal increase on last year's record figures for the same period. However, June continued to conform to seasonal norms with numbers of new listings down 7 percent and sales numbers down 10 percent when compared to May's data.
"At month end we had 2936 properties on our books, which is marginally lower (2.6 percent) than the previous month's 3013.
"Just under half of all the properties sold in June (446) sold for in excess of $1 million, with just 67 selling for less than $500,000."