Official figures released have revealed that the average cost for residential properties across Auckland have now managed to rise to the peak hit during the 2007 property boom, but despite this, fewer sales of homes is being recorded every month.

As shared by Auckland's largest real estate company Barfoot and Thompson, the average price for houses in December was $552,933, which is the highest monthly price recorded in two years.

Managing Director of the company, Peter Thompson has stressed that unlike 2007, buyers are purchasing homes based more on value for money and for lifestyle reasons.

According to Mr. Thompson, the reason that the property boom came to a sudden end after 2007 was because the sales activity had become slow. Properties did not change hands after that year as most sellers refused to accept the lower prices that were being offered.

Over the coming few months, Mr. Thompson believes that the property market will remain stable.