Currently: 1,308,412 Listings of Properties for Sale

May Property sales in Auckland hit nine year high

May Property sales in Auckland hit nine year high

May Property sales in Auckland hit nine year high

By: Nick Marr -  Category: New Zealand - Added: 2012-06-21

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 (£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: “The 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.”

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: “It 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.

“We ended the month with 256 fewer homes on our books than we started with.”

Prices are being forced higher in Auckland due to a combination of issues.  Nick Marr, director of overseas property portal  Homes Go Fast, said: “Prices 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 city’s population.”

Mr Thompson added: “The shortage of available housing is being felt right across Auckland, and in all price ranges.”

US home sales soar - but so do prices
By:  -  Category: United States - Added: 2015-07-03
New Zealand changes tax laws for property investors
By:  -  Category: New Zealand - Added: 2015-07-01
Bank of Spain: Housing market has bottomed
By:  -  Category: Spain - Added: 2015-06-23
Foreign buyers return to Frances prime market
By:  -  Category: France - Added: 2015-06-17
Turkey leads European house price growth
By:  -  Category: Turkey - Added: 2015-06-15
Brits fuel Barbados property boom
By:  -  Category: Barbados - Added: 2015-06-11
Foreign investment floods Australias hotel sector
By:  -  Category: Australia - Added: 2015-06-09
US property sales at highest level in 9 years
By:  -  Category: United States - Added: 2015-06-08
British demand for French property rebounds
By:  -  Category: France - Added: 2015-06-02
UK extends Right to Buy in Housing Bill
By:  -  Category: United Kingdom - Added: 2015-05-26
Confidence climbing in Spain and Portugal
By:  -  Category: Spain - Added: 2015-05-20
Appetite for Turkey boosted by weak lira
By:  -  Category: Turkey - Added: 2015-05-18
One in four tenants vote Labour
By:  -  Category: United Kingdom - Added: 2015-05-06