September 2010 Market Update

Period	Number of Sales*	Volume of Sales
September 2010	689 Properties	$360,940,805
September 2009	917 Properties	$472,154,212
12 Months to August 2010	8,615 Properties	$4,616,268,672
12 Months to August 2009	8,518 Properties	$4,380,505,852

^*Excludes Northland and Commercial

Auckland Housing Experiences Modest Price Bounce. Average sales price in September increases to $523,861

The Auckland housing market showed resilience in September with prices experiencing a modest rebound over those for August.

“The average sales price for the month increased by 2.5 percent to $523,861, and this is also 1.7 percent higher than the average sales price for September last year, ” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The average price we achieved in September was right in line with the average monthly sales price achieved for 2009.

“It points to prices being stable and is a pleasing return after the decline seen in August.”

Mr Thompson said that while prices were ‘standing up’ well, sales at 689 for September were still only ‘ticking over’ and that sales had not exceeded 700 in a month for four months.

“While prices have moved on the back of the return of Spring, sales remain quiet. For example, in September last year we sold a quarter more homes.

“However, a sign that the market is stirring is new listings increased, and in September we listed 1203 homes, an increase of 10.8 percent on those for August but still well down on last September’s 1466 new listings.”

Mr Thompson said at the end of September the company had 5572 homes on its books, which was in line with the number at the end of August and 6 percent higher than in September last year.

Rentals

The average weekly rental achieved in September was $407, up $1 on that for August and $23 a week more than in September last year.

The company let 717 properties, up 2.3 percent that on the same period last year.