Lack of homes pushes up Auckland prices

A shortage of homes for sale has pushed Auckland's residential property values higher than they were a year earlier, QV figures show.

Auckland values for October have climbed 2.5 per cent from the same time last year, while national values for October are 0.2 per cent above last year's, up from the -1.1 per cent recorded the previous month.

Last month the national average sale price for the country was $389,198, up from $387,567 in September, while in Auckland City the average sale price had dropped slightly by 0.2 per cent from $507,617 to $506,642.

QV valuation manager Glenda Whitehead said a shortage of properties, especially in urban areas, had led to more buyers than available properties, meaning many sold for well above expected values.

"While it is clearly a good time to sell, especially in the main centres, needing to buy again in a market which has a shortage of available properties for sale will also be putting some people off."

She said market activity remained below normal spring levels. Sales numbers had remained relatively static in the past few months, and there was little evidence of a rise in new listings in most areas.

To read the full NZ Herald article, click here

Posted: 9 Nov 2009

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