Auckland property nudges up in May

The Auckland housing market appears to be taking the May 20 budget in its stride, Auckland's biggest real estate firm says.

Prices and turnover lifted slightly in May, reflecting a stable and balanced market, Barfoot & Thompson managing director Peter Thompson said.

The firm sold 792 homes with average price tag of $542,806 last month which was a sound benchmark for winter.

There was no sharp or immediate reaction to changes around depreciation allowances following the release of the budget, Thompson said.

However it was too early to be "black and white" about any potential long-term impact, given the budget came two-thirds of the way through the trading month, he said.

"April may well turn out to have been the wait and see month," he said.

Realestate.co.nz said earlier this week vendors were lowering their asking prices to meet the winter market.

It noted a 4 per cent fall in asking price expectations from new listings last month.

To read the full NZ Herald article, click here

Posted: 3 Jun 2010

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