May Property sales in Auckland hit nine year high

The property market in the New
Zealand city of Auckland has had its busiest May in nine years.  Sales for the month were at their
highest since 2003 and up by almost a third on the same month in 2012. And, the
average sales price in the city rose by 2.5 per cent in just one month to
$582,285 (£289,900). 

Keep reading to learn more about
the booming Auckland property market.

Booming property market in Auckland

Peter Thompson, a New Zealand
property expert, said: “The market showed no signs of the slowdown that
normally occurs as we approach winter. 
A significant number of new listings, keenly priced mortgage lending
rates, fine weather and a large pool of potential buyers all played their part
in the level of activity achieved.”

Property sales in the New Zealand
city were up a massive 55.3 per cent on the previous month and 31 per cent
higher than May 2011.

Mr Thompson, a real estate agent,
added: “It was our highest number of new listings in a May for five years but
even this number of new listing was insufficient to meet buyer demand, and at
the end of the month we had only 4,356 homes on our books, the lowest number in
five years.

“We ended the month with 256
fewer homes on our books than we started with.”

Prices are being forced higher in
Auckland due to a combination of issues. 
Nick Marr, director of overseas property portal  Homes Go Fast,
said: “Prices in Auckland have risen significantly over recent months.  This is mainly due to a lack of supply
of new homes and a growth in the city’s population.”

Mr Thompson added: “The shortage of
available housing is being felt right across Auckland, and in all price ranges.”