Lift in residential property prices and sales: Crockers
Election promises may have been a contributing factor in the recent lift in residential property prices and sales, sales Auckland property services management group Crockers.
Thursday, October 6th 2005, 10:07AM
Election promises may have been a contributing factor in the recent lift in residential property prices and sales, sales Auckland property services management group Crockers.After a few months of wavering sales figures, August indicates property sales are up again, both in terms of volume (up 2% on the previous August), and median price (up 11% on the previous August), says Crockers in its October market research release.
Crockers data on monthly median sales figures in Auckland since January 2003 show that in 2003 the rise was exceptionally steep with the rate of increase flattening off somewhat in 2004.
This year prices appeared to start falling marginally in April, with a biggish dip in July appearing to confirm a downward trend. A strong bounceback, however, occurred in August, possibly caused by the promise of more money in the back pocket as election handouts were announced.
The past two months have seen the first year-on-year increase in the number of sales since April 2004, with sales numbers up 13% in July 2005 compared to a year earlier and up 2% in August 05.
"We have not, however, seen the heady sales numbers achieved in 2003 when monthly sales of more then 3500 properties was the norm for most of the year," Crockers said.
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