The property market in the New Zealand city of Auckland has had its busiest May in nine years. Sales for the month were at their highest since 2003 and up by almost a third on the same month in 2012. And, the average sales price in the city rose by 2.5 per cent in just one month to $582,285 (ÃÂ£289,900).
Keep reading to learn more about the booming Auckland property market.
Booming property market in Auckland
Peter Thompson, a New Zealand property expert, said: Ã¢â¬ÅThe market showed no signs of the slowdown that normally occurs as we approach winter. A significant number of new listings, keenly priced mortgage lending rates, fine weather and a large pool of potential buyers all played their part in the level of activity achieved.Ã¢â¬Â
Property sales in the New Zealand city were up a massive 55.3 per cent on the previous month and 31 per cent higher than May 2011.
Mr Thompson, a real estate agent, added: Ã¢â¬ÅIt was our highest number of new listings in a May for five years but even this number of new listing was insufficient to meet buyer demand, and at the end of the month we had only 4,356 homes on our books, the lowest number in five years.
Ã¢â¬ÅWe ended the month with 256 fewer homes on our books than we started with.Ã¢â¬Â
Prices are being forced higher in Auckland due to a combination of issues. Nick Marr, director of overseas property portal Homes Go Fast, said: Ã¢â¬ÅPrices in Auckland have risen significantly over recent months. This is mainly due to a lack of supply of new homes and a growth in the cityÃ¢â¬â¢s population.Ã¢â¬Â
Mr Thompson added: Ã¢â¬ÅThe shortage of available housing is being felt right across Auckland, and in all price ranges.Ã¢â¬Â