Auckland house prices continue to break records and bank balances with the average sale price jumping another $9000 on October's record high to $627,721.
Peter Thompson, managing director of Barfoot & Thompson, said for much of this year the average price swung between $580,000 and $590,000.
But after two consecutive months of sales at an average price ''well above'' $600,000 ''the entire pricing structure has lifted''.
Thompson said the firm sold 146 homes worth more than $1 million in November - a quarter more than it sold in a single month previously - proving "higher prices have become entrenched".
Normally half of all sales were for properties under $500,000, but that figure was last month only 43 per cent.
Demand was driving up prices for all buyers, no matter what their budget, Thompson said. Last month Barfoot & Thompson listed 1769 properties, the highest number in one month for nearly five years.
Combined with residual listings, Thompson said there was a ''reasonable'' amount of properties on offer.
"Listing are being helped with a greater number of home owners making the decision to follow through with their future housing intentions now that higher prices are being achieved,'' he said.
"These buyers who are either trading up or down, combined with new arrivals or those looking for rental investments, were higher in number than available stock, and this led to keen buying, particularly at auctions.''
Sales for November - 1124 - were up four per cent on October and 25.7 per cent on those for the same time last year.
At month's end, Thompson said, the firm had 3816 properties on its books, the lowest number at the end of November for more than a decade.
- © Fairfax NZ News
Should we raise the retirement age?