3 Dec 2010

Auckland house prices rise

2:37 pm on 3 December 2010

Auckland house prices and sales rose in November after a flat October.

Barfoot & Thompson, the city's largest real estate company, says it sold 668 houses in November, an increase of 19.1% compared with October.

The average sale price was almost $554,000, the highest average monthly price for nearly three years.

Barfoot & Thompson managing director Peter Thompson says higher-value homes made up a quarter of the sales, which pushed up the average price.

New listings were up 17.4% in November, with more than 1600 properties up for sale, the highest number since March.

The company says average weekly rent continued to increase, by $2 to $411.

Barfoot & Thompson says the demand for rental accommodation in Auckland remains strong.

Meanwhile, Colliers International says the commercial property market is on the mend, but is not following its traditional course.

Colliers says sales and leasing in Auckland, usually the most volatile of the main cities, has remained stable.

Activity in Christchurch is at a halt after the September earthquake and Wellington is feeling the effect of reduced government spending.