Residential highlights - October

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Auckland
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Auckland
Property values in the Auckland region increased by 2.5% over the past year (calculated over the three months ending October 2009 in comparison to the same period last year), a substantial improvement on the 0.6% annual growth reported in September. The average sale price for the region decreased slightly from $507,617 to $506,642.

"Within the Auckland region, conditions and trends seem to have changed very little over the last month.  Agents continue to report a lack of listings in many suburbs and across the various price brackets.  Demand remains strong from first home buyers and those trading-up.  A significant number of properties continue to be sold via auction, which is producing results ranging from many being passed-in to those that are exceeding vendor expectations. For general listings we are aware of multi-offer situations," said Glenda Whitehead of QV Valuations.

"Within Auckland City, demand in the price range of $600,000 to $900,000 in suburbs close to the CBD remains strong, with values well up on those achieved at the beginning of 2009. Listings in this price bracket are low, creating multi-offer situations and strong results at auction," Whitehead said.