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Auckland property prices hit record levels in February

Uncertainty about prices dominated the Auckland residential housing market in February, with sales numbers falling to their lowest monthly total in six years, and available choice being at its highest for five years, according to February 2017 housing market update from Barfoot & Thompson.

However, at the same time the average sales price for properties sold reached a record high of NZ$944,574 (£535,000), marginally higher than the previous record price set in October 2016 of $943,801.

“Experience has taught us to be cautious about reading too much into a single month’s trading results, particularly in February when a good portion of the sales relate to property negotiations that took place over the extended holiday break,” said Barfoot & Thompson director, Kiri Barfoot.

She added: “What is clear from the results is that prices at the top end of the market were not under downward pressure, with the average sales price increasing by 2.6% on the average price for the previous three months. Compared to February 2016, the average price was 14.9% higher. Competition for properties around the $1m mark was strong.”

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