Auckland house prices hit an all-time high, Barfoot & Thompson data just out showed, despite Reserve Bank lending restrictions.
Its average sale price last month was $663,123, up from September's $657,912.
Auckland's biggest agency said October's residential housing market sales figures showed no early signs of being restrained by the curbs placed by the Reserve Bank on mortgage lending.
"In October the average sales price compared to September increased by more than $5000 or 0.8 per cent to $663,123 and the number of sales rose by 8.9 per cent to 1203," said Peter Thompson, managing director of Barfoot & Thompson.
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He predicted it could be up to six months before the market feels the full impact of the new mortgage lending regime, and certainly one month's experience is not enough to make judgements about the success or otherwise of the initiative.
Harcourts' property market analysis for Auckland and Northland for October was also released this morning.
"Our statistics show the LVR restrictions do not appear to have had any cooling effect on the residential property market, with the average sales price up 4 per cent on the September figure. The October average price of $645,259 is the highest recorded in the past 12 months," the spokesperson said.
Barfoot & Thompson average Auckland sale prices:
• 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