Grim news in Auckland property market
Barfoot and Thompson says house sales in March are down 56% on the previous year, with just 632 sales, compared to 1,444 for March 2007.
However, prices, on a monthly basis are up slightly. The average sale price for Auckland property increased more than 5% last month The average sale price for March was $522,336, compared to $495,272 in the previous month.
The reality though is that prices are volatile and are down 7.4%on a year-on-year basis. This is the lowest since September 2001.
Part of the reason for the fall has been attributed to Easter falling in March, but that is only one part of the picture. According to Goldman Sachs JB Were these figures show “the housing downturn is in full flight.
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