KEY POINTS:
Housing prices in the Auckland market have continued their descent, in the latest figures out from realtor Barfoot & Thompson.
The agency's average sale price in January 2009 was $502,636, about 1 per cent down from the average in the final quarter of 2008.
It was about 3 per cent down on the figure for January 2008.
The volume of sales in January - at 515 - was actually higher than in December 2008 (461) but lower than in January 2008 (604).
Barfoots managing director Peter Thompson said he anticipated the market would start picking up in the next two to three months.
"The rapid decline in home mortgage interest rates is bringing interest and a degree of confidence back to the market," he said.
Currently, however, the data shows a quieter marketplace.
"Other indicators are that new listings at 975 are the lowest for a January we have experienced for a decade, and the overall number of listings at 6758 are the lowest on our books in 12 months", he said.
"It indicates that many people have made the decision to hold properties rather than sell, while buying activity remains fairly constant.
"The trend in rental activity also endorses the view that owners are holding on to property. In January we let 791 houses and units, the highest number we have let in one month for the past seven years.
"The average weekly rental at $384 has also stabilised, and is consistent with the average rents being achieved from July last year.
- NZHERALD STAFF
