PHOTO: Peter Thompson – Barfoot & Thompson
Key price indicators are pointing to Auckland residential house prices starting to rise.
“In August the average sales price at $928, 266 and the median price at $840,000 increased over those for the previous month and were also higher than their equivalents last year,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“Another indicator that prices are edging up is that the average and median prices in August are higher when compared with the average prices paid across May, June and July.
“The increases we are seeing in the market are unlikely to be the forerunner of another seller’s market.
“Rather they are an indication that the bottom of the price cycle is likely to have been reached, confidence in prices is returning and that as spring advances buying pressure will increase.
“Sales numbers in the month at 795 were still modest, and down 4.2 percent on those for July. Traditionally, August is the month when the lowest number of sales are recorded in a year whether prices are rising, declining or neutral.
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