This is an increase of a little over $5000 on the average price during May and is less than a 1% increase on May’s average price, and since March the average price has risen by only $4017, according to the latest data from Barfoot and Thompson.
The firm says that while the average sales price points to relative stability, the median selling price has shown a modest increase, which at $590,000 for June is $20,000 higher than in May and is $10,000 higher than in March.
‘While house values are moving in a tight band at present, the number of properties on the market has shrunk to an all time low. Demand for properties is unprecedented and competition is intense with homes selling within a tighter time frame than at any time in the last decade,’ said managing director Peter Thompson.
However, he pointed out that this competition for properties has so far not led to prices breaking through the price ceiling established in March.
‘In June we listed only 1189 properties, while our sales for the month numbered 1,059. This is the closest we have come to selling the same number of properties as we have listed in a month in the past 11 years,’ he explained.
‘At the end of June we had only 2,873 properties on our books, the first time our end of month listings have dipped below 3000 properties in the past 11 years. Listings in June were 5.3% lower than the number of listings in May, and 29.5% lower than in June last year,’ he added.
The data also shows that during June Barfoot and Thompson sold 380 homes for less than $500,000, and a further 373 for between $500,000 and $750,000. A total of 144 homes sold for in excess of $1 million, the same number as in May.
Property sales at 1,059 meant that June was the fourth consecutive month that sales were in excess of 1,000 for the month. The last time sales were this consistently high was nine years ago in the first half of 2004.
