4 Mar 2011

Real estate firm enouraged by Auckland market

10:01 am on 4 March 2011

Auckland largest real-estate firm says there are promising signs in the property market, with prices and sales are picking up.

Barfoot and Thompson says it sold 619 properties in February - 10% more than in the previous month.

The average sale price rose 1.2% during February to $521,887.

Sales volumes and prices were the same as in February 2010, but managing director Peter Thompson says there are signs that the market is improving.

He says the average weekly rent dropped by $14 to $402 in February as the normal influx of people into Auckland over January eased.

ASB economists say low levels of construction in recent years combined with a growing population will continue to support the Auckland property market, which appears to be tighter than in other parts of the country.