Auckland House prices charted a record high again in March, with those selling for more than 1 million accounting for 41% of sales in the month , says realtor Barfoot & Thompson.
The average price rose 2.5% in March from February to $968,570 and was 4.8% above the average price in the previous three months , Barfoot said.
The average price is about 12% higher than in March 2016 . Monthly sales almost doubled to 1110 from 529 in February but were down from 1341 in March last year.
Barfoot’s monthly figures come after the release on Wednesday fo the latest QV House Price Index from the government-owned Quotable Value showing that while national property values increased on average by 12.9% over the year to March 31, the increase in the last 3 months was just 0.6%.
Auckland house prices fell on average by 0.2 % in the first three months of this year for a 12.3% annual increase and QV said the appearance of slowing house price inflation as a result of tougher loan to valuation restrictions may only be temporary in the city’s overheated property market.
“During the last quarter of 2016 the rate at which Auckland house prices were increasing slowed markedly, and this situation has continued into the first quarter of this year ” said Barfoot 7 Thompson managing director Peter Thompson.
” Traditionally March is the high point for prices in the first half of the year”.
Barfoot said 67 property sales, or 6% of the total, were in excess of $2million, while 99 properties,or 8.9% of the total ,sold for less than $500,000.
While the market might be showing signs of slowing down the Auckland House Prices continue to rise.