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Slow growth in property market

Slow growth in property market

According to Barfoot and Thompson reports, the housing market in Auckland is growing though at slow rates. Data shows that there has been a slow but steady increase in the housing industry. The median price was recorded at $830,000 in November rising to $ 870,000,000 in December last year, a 4.8 percent growth. In comparison, December 2016 recorded $840,000,000 median price.
Peter Thompson, managing director of Barfoot and Thompson, said that the housing market has become stable owing to the fast increasing prices of property in Auckland. Consequently, there was a more than quarter fall in houses sold last year compared to the previous three years. Mr. Thompson says that is because people had outgrown the urgency to acquire property despite its asking value.
A decrease in new listings for houses during Christmas and New Year season was noted, falling by 26.4 percent to 571 compared to the same season in 2016. Mr. Thompson was, however, keen to note that the numbers were increasing though at a slower pace.

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