5 Sep 2011

Auckland property market stabilising, says agency

12:30 pm on 5 September 2011

Auckland's largest real estate agency says the property market is showing signs of stability.

Barfoot and Thompson sold 758 homes in August with an average sale price of $531,042.

The realtor's managing director, Peter Thompson, says the average sale price has varied by less than $10,000 for the last four months, and sales volumes are also holding steady.

Mr Thompson says people are taking a realistic view of the state of the economy, with buyers not prepared to go beyond what they think a property is worth, and sellers refusing to accept what they consider is an unrealistic offer.

New listings surged 22% last month, but Mr Thompson says that's normal for the start of spring.

He says sales volumes rose 19% on August last year, while the average sale prices has risen almost 4% percent.