Is The Boom Back?

The news just keeps tumbling out. Barfoot & Thompson, the biggest agents in Auckland, have recorded an extraordinary month both for house prices and rents.

As I have been saying for some time, we are likely heading into the “perfect storm” with low interest rates, very low new building, a shortage of rentals, a wipe out of stock from the leaky homes fiasco and the Christchurch earthquake tragedy, immigration increases, and government disincentives for investors.

This is what Barfoots had to say:

Property Market Bounces, Lifting Turnover and Selling Prices
Weekly Rentals Increase To All Time High

The Auckland residential property market ‘bounced into life’ in March, with sales volume reaching their highest level in a month for nearly four years, and the average selling price achieving an all time high of $581,190.

“It was a month’s trading that came out of the blue, and exceeded anything we have ever experienced,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Buyers in the over $500,000 category appear to have simultaneously reached the decision that now was the right time to buy, pushing up sales numbers for the month to 1070, 75.7 percent higher than in February and 15.4 percent higher than in March 2010.

“This focus on higher value properties also saw the average selling price for the month exceeding that for February by more than $59,000 and that for March last year by more than $36,000.

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