Has property in Auckland reached its price limit? Certainly it seems the market is taking a breather with average prices having risen by just 0.6 per cent since May, according to Peter Thompson.
The managing director of Barfoot & Thompson writes in Monday's special Property Report that the key reason
for a slowdown in the rampant weekly escalation of prices we have all seen is that buyers have "reached the conclusion that at current prices the market is fully priced".
And with some people stretching themselves to borrow half a million dollars for a modest home, one can easily understand why the market may have reached its peak.
But that doesn't mean it has slowed, as property has been changing hands at a good rate during winter. And with summer on the horizon, expect the market to ramp up again, driven in equal parts by strong immigration, a shortage of good quality housing and low interest rates.
Heading out
