House prices 'back at 2007 levels'
The steady upward march of Auckland house prices showed no signs of abating in November, with the average price reaching a 23-month high of $550,000.
This was an increase of 1 per cent on the average price for October, and 9.9 per cent ahead of the average for the same month last year.
"For the third consecutive month, the average price achieved increased, confirming that prices have consolidated around present levels," said Peter Thompson, managing director of Barfoot & Thompson.
"Auckland property has now recovered all the losses experienced over the past two years.
"The level of activity and strength of prices in the housing market is a strong signal that in Auckland at least property has returned to being seen as a sound, medium to long-term investment option."
Thompson said that the difference between current activity and during the height of the property boom in 2007 is that the market is more rational and measured.
To read the full NZ Herald article click here
Posted: 4 Dec 2009
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