Auckland property prices surged nearly 6 per cent in October, says real estate company Barfoot & Thompson.
The Average sales price across the region in October was $544,745, a 22-month high.
Company managing director Peter Thompson said the whole market 'lifted to a higher level' with average prices increasing from September by 5.8 per cent. When compared to the same month last year, prices rose 4.8 per cent.
Sellers were returning to the market in strength, said Thompson, with 1676 new listings in October, the highest number in a month since March last year.
The company sold 871 properties, an increase of 73 per cent on the number sold in the same month last year.
"It is a sure sign Aucklanders have shrugged off their concerns about the future, and are moving forward with their plans around home ownership," said Thompson.
Rental activity was also strong, said Thompson, with the average weekly rent achieved by its property management division being $403 - the first time it had gone above $400. This was a 4.9 per cent lift from the previous month.
-NZ HERALD STAFF
