Auckland June House Prices -1.7% Vs May; Sales Low -Barfoot
Wednesday July 2nd, 2008 / 23h46
WELLINGTON -(Dow Jones)- House prices in Auckland eased in June and sales remained at low levels, a real estate company said Thursday, providing further proof the sector has slowed as buyers face rising costs of living. Barfoot & Thompson said its average sale price in New Zealand's largest city was NZ$525,316 in June, down 1.7% from May. It sold 556 properties during the month, up from 515 in May and 453 sales in April, but that was well below the 1,000 sales recorded in June a year earlier. The company accounts for around 34% of Auckland home sales and 12% of national sales. Barfoot & Thompson Managing Director Peter Thompson said a clear pattern is emerging where vendors are hesitating to list properties for sale unless they have to. "We recorded 1,214 new listings in June, which is the lowest figure this year to date. Our stock on hand position at the close of the month reflects this with 7,122 listings on our books, down from a 2008 high of 7,483 in April," said Thompson. "Some vendors are still reluctant to meet the market in terms of price expectations but that's probably just an issue of time. Vendors who need to sell within a reasonable timeframe need to be realistic about what the market will bear at this time," he added. The report adds to a run of weak home data since the start of 2008, reinforcing evidence of a slowdown in the housing market as rising mortgage rates and higher oil and food prices squeeze household budgets. The Reserve Bank of New Zealand raised the Official Cash Rate four times last year to its current 8.25% to take the heat out of the housing market as part of its battle to contain persistent inflation pressures. -By Symon Ross, Dow Jones Newswires; 64-4-471-5990; symon.ross@dowjones.com
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