KEY POINTS:
As most of the big banks move to cut their mortgage rates, more signs of the tough property market has emerged.
Auckland real estate company Barfoot & Thompson says house sales prices fell 3.7 per cent in November, though there was a slight increase in the number of sales.
There were 546 sales made by the company in November, up from the 503 in October, but well down on the 881 in November last year.
The average sales price was $500,840, down from $546,364 in the same month last year. The average price for the year to date is $514,000.
Company managing director Peter Thompson said the average sales price had been "moving around" within a band between about $495,000 and $525,000 all year.
"So I wouldn't read too much into an individual monthly result."
Thompson said he hoped today's record OCR cut would help stabilise the Auckland property market.
- HERALD ONLINE
