The housing market in Auckland, New Zealand was at its busiest in March 2012 for five years with sales transactions up 63.1% over the previous month according to Barfoot & Thompson.

Peter Thompson, Managing Director of Barfoot & Thompson, said: “March was a month where the views of buyers and sellers reached common agreement as to where values were at, and we experienced the highest level of sales since March 2007. The average price is also the highest it has been since December 2011.”

“Prices at this level, accompanied by high turnover is an indication of the confidence buyers have in the long-term value of Auckland property. Along with the growing population, confidence in the economy is improving and affordability at current historically low mortgage interest rates are all factors pushing market activity.”

The company sold 1246 homes in the month, an increase on March 2011 by 16.4%, although the average sales price for the month was down 1.7% on March 2011 at $571,076, this was a 6.5% increase on February 2012.

Thompson said: “For the past two years, the March average price has been the highest for the year and a contributor to the positive prices achieved in March is the effect the seasons have on house sales and values.
“While prices may move from month to month, the overall trend remains one of a modest increase year on year.”