08 February 2006

Property market in Auckland slowing

The Auckland property market may be showing real signs of slowing, according to new figures released today by Barfoot and Thompson.

Barfoot said its January sales were the lowest for the month in the last five years.

The company has the the largest market share in Auckland and its sales figures are generally taken as a good indicator of trends.

The company recorded 797 sales in January, the slowest start to the year since January 2001.

This followed a slow December where 671 sales were recorded, well below the company average of about 1,000 a month.

Prices followed the trend, with a 13 per cent decline in average sale price from $492,882 in December to $428,385 in January and a 9 per cent decline year on year.

Part of the drop may have been due to non-market factors.

Full article.

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