Auckland House Prices Hit 23-Month High In November

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Average house prices in Auckland, New Zealand reached a 23-month high of NZ$550,217 in November, real estate firm Barfoot & Thompson reported on Thursday, signaling that the property market, at least in Auckland, has returned to its status of being seen as a sound investment. Average house prices grew 1% month-on-month in November and were up 9.9% on a yearly basis.

"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."

Thompson played down fears of a newly emerging asset price bubble, pointing out that the property market was more rational and measured at present.

"While low interest rates are a factor, buyers are committing on the basis of the property meeting their check lists and views about value for money," he said. "They are not being driven by concerns that they must act or they might miss out."

"There is a good level of choice available at present, making it a balanced market - not favoring either buyers or sellers."

Barfoot & Thompson sold 862 properties in November, down 1% from the previous month but up 57.8% from a year ago.

Average house prices in Auckland, New Zealand reached a 23-month high of NZ$550,217 in November, real estate firm Barfoot & Thompson reported on Thursday, signaling that the property market, at least in Auckland, has returned to its status of being seen as a sound investment. Average house prices grew 1% month-on-month in November and were up 9.9% on a yearly basis. (Market News Provided by RTTNews)