Average Auckland house price jumps $40,000

Last updated 10:50 08/01/2013
auckland property Stonefields
GRAHAME COX/Fairfax NZ

BOOM TIME: The average sale price in Auckland was $584,715 in 2012, Barfoot & Thompson figures show.

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The average price of homes sold in Auckland jumped by more than $40,000 in 2012 compared to the previous year.

Figures released today by Barfoot & Thompson show the average sale price in the city was $584,715 last year - $41,590 more than in 2011. Prices increased 7.7 per cent during the past two years, the biggest lift in five years, Barfoot & Thompson managing director Peter Thompson said. 

December was another month of ''strong trading'' for the firm with 920 sales at an average price of $624,015 - an eight-year record for the month.

Eighty seven homes sold during December for more than $1 million, while 42.8 per cent of all homes sold were for less than $500,000. 

Thompson said the December prices were down $4000 on November's ''all-time record average price'' of $627,721, but during the last three months of 2012 the selling price exceeded $600,000 ''setting a new benchmark''.

New listings for December, Thompson said, were the lowest recorded for a month for the past decade - down 17.6 per cent on listings for the same month in 2011. 

"It was also the first time in the past decade when we listed fewer homes in a month (697) than the number of homes sold (920),'' he said. 

"At the end of December we had only 3410 properties on our books, the lowest number since records have been kept, and 10.6 percent lower than we had at the end of November. 

"With new listings and the total number of listings being at all-time lows, and with mortgage lending rates forecast to remain steady for the first half of 2013, the outlook for the early part of this year is for prices to hold on to the gains made in the last quarter of 2012." 

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