5 Oct 2011

Top-end property sales up

6:24 pm on 5 October 2011

Barfoot & Thompson says house sales remain flat, but prices have soared due to an increase in activity for top-end properties.

The real estate agency says sales stood at 738 in September, in line with sales in the previous two months, though it's up on the same period last year.

But the average selling price rose 3% to $547,883, due to a jump in sales of houses worth more than $1 million.

But Goldman Sachs economist Philip Borkin says sales fell 9% when seasonally adjusted, and there are signs the Auckland property market is cooling.

He says the Rugby World Cup may be on peoples' mind, rather than housing.

Spring is traditionally a strong time for the real estate industry. While new listings exceeded 1200 for the second consecutive month, Barfoot says the number of houses for sale on its books remained low.