Barfoot & Thompson’s October report confirms what we all know already . The market remains strong with some bias to the upside continuing to confound those defeatists who predicted a massive market crash and the end of civilisation as we know it. If ever there was a good time to buy residential it is now. Three years ago people where throwing money at the market and happy to borrow at 9,10 or 11% interest. Now with interest rates at half price those same people still hesitate. Money has never been cheaper. Cheap is good. Go for it.
Stable Auckland Housing Market Lifts With Spring’s Arrival
The arrival of Spring brought a modest increase of interest in the Auckland housing market, with more homes being listed, the average price edging up and the number of homes sold declining slightly.
“The housing market in October followed a similar pattern to that we have seen for the past four months, and we remain in a relatively stable period in terms of prices and activity,” said Peter Thompson, Managing Director of Barfoot & Thompson.
The feature that was different was the number of new homes listed for the month. At 1314, this was an increase of 4 percent on that for last month and the highest number of homes listed since March. It created greater choice and raised buyer interest.
Prices in October rose by 1.1 percent on those for September with the average price moving up to $553,765.
As for much of this year, this average price was affected by the strong interest in the high end of the market, and in October we sold 60 homes with a value in excess of $1 million.