House prices edge up

Auckland's largest real estate agency, Barfoot & Thompson, said house prices were up only slightly last month.

The July average sale price was $546,773, up from $537,671 in June but below the high of $557,546 achieved in May.

Director Peter Thompson said the market was stable but fewer properties had been sold lately. "There are some early signs that the recent mortgage rate interest rises are beginning to have an effect.

"The average weekly rent dropped from $375 in May to $373 in June and $367 last month."