Auckland house sales rose to the highest level for the month of February in five years but listings are at a five-month low, restraining activity in New Zealand's largest city, says Barfoot & Thompson.
The real estate firm sold 764 homes last month, up 24 per cent from a year earlier, it said in a statement. The average sale price rose 2.7 per cent from the same month last year to $536,069.
Barfoot had 4,917 properties on its books at the end of February, the lowest number in five years.
"Lack of listings is still holding the market back from being more active," said Peter Thompson, the firm's managing director. "Prices are edging up, but only at a modest rate."
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Barfoot sold 41 homes for more than $1 million, up from 29 in February 2011 and adding to the 40 sold in January. For the two months combined, it was the highest level of sales since 2007.