7 Jan 2010

Auckland house prices on par with 2007 boom

12:38 pm on 7 January 2010

The average price for houses in Auckland has risen to 2007 property boom levels, but fewer houses are selling each month.

Auckland's largest real estate firm Barfoot and Thompson says the average price in December was $552,933 - the highest average monthly price two years.

Barfoot and Thompson managing director Peter Thompson says unlike 2007, buyers are purchasing houses based on value for money and for lifestyle reasons.

Mr Thompson says the sales activity statistic was the real story of what happened to property following the end of the 2007 boom.

Properties did not change hands after 2007 because most sellers would not accept the lower prices on offer.

Mr Thompson believes market prices will remain stable for the next few months.