Barfoot’s volumes down 40%, prices down 4.7% in 2008
This guy just does not give up with his B.S spin!
From Interest.co.nz......but a good reply at the bottom.
Auckland’s largest real estate agents Barfoot and Thompson reported a 4.7% decline in their average sale price over 2008, and a 40% decline in average sales per month, compared to 2007.
Barfoot’s average number of sales per month in 2008 fell to 547 from 915 in 2007, while its average sale price fell to NZ$513,597.
“This is a really good result, given all the dire predictions that have been tossed around,” Managing Director Peter Thompson said about the 4.7% average price fall.
“This should also help lend confidence to the market and reassure both vendors and prospective buyers.”
For the week ended December 19, 2008, Thompson said Barfoots recorded 227 sales, compared to a weekly average over the year of 171. Its average sale price in December rose 1.7% from November, up to NZ$509,513.
“We’ve certainly seen an improvement in the market since the Reserve Bank’s most recent move. It seems to have tipped the balance in terms of converting interested parties into committed buyers,” Thompson said.
The average weekly rent over 2008 for Barfoot’s property management division was NZ$388, compared to an average of NZ$370 in 2007.
1. andy hamilton Says:
January 12th, 2009 at 4:06 pm
There is more than the usual spin going on.
Note the use of the whole year comparison, and the avoidance of a comparison with average value in Dec 2007 (a year on year comparison which has typically been given in their previous missives). Want to know why?
Because Dec 2007 value was $559,803 versus 2008’s December value of $509,513 - ie a $50,000 difference, a 10% fall.
I am suprised you missed that one Alex.
As regards the use of the annualised figure - mine the data a little deeper and you get this:
Average value 1st half 2007: $528,566
Average value 2nd half 2007: $548,391 (ie the peak)
Average value 1st half 2008: $519,195
Average value 2nd half 2008: $509,513