(RTTNews) - Residential property sales in Auckland was the slowest in atleast 10 years in October, according to report by real estate agency Barfoot &Thompson.

During the month, property sales declined to 503 from 796 last year. However, property prices increased to NZ$ 520,039 from NZ$ 495, 873 in September.

The agency’s managing director Peter Thompson believed the market was impacted by a series of significant announcements relating to the fall out from the international credit crisis coupled with the normal pre-election hesitancy.

Thompson said, “The impact was clearly on volume rather than price. There was an overall slowdown in the market during October, but we are hopeful that some of the uncertainty will be resolved by the general election this weekend”.

Meanwhile, those properties that sold well achieved good prices. At the upper end of the market, between NZ$ 1 million and NZ$ 2 million, there were 27 sales and between NZ$ 2 million and NZ$ 4 million, three sales took place.

In the field of property management, the agency achieved a record in October. About 691 properties were let out during the month making it the business month since October 2002. Thompson said the present level of rental activity indicated that potential buyers preferred to hold off for the moment and rent out instead.

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Posted in Categories: Economy, New Zealand, Releases.

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