House prices in Auckland have hit new high, delighting real estate agents, but experts are of the view that this is not something which is very stable. The latest figures have reported home prices which are at a new 22 month high. Average price recorded by residential properties in Auckland for October stood firm at $544,745, a new high.

The data used to reach this new conclusion was posted by the Real Estate Institute of New Zealand, and while it used the median method to reach at the average price figure on a particular area's home sales and did not have October's confirmed figures, it did have the confirmed September figures which made estimations easy. In the central Auckland region, the average price reached for September 2007 and 2008 was $363,750 and $288,000, respectively. After a dip in 2008, the figure rose to $351,500 yet again in September 2009.

Barfoot & Thompson took the data further, included more research, and concluded that an average 5.8% increase, as compared to last year, in residential property prices was recorded for October. Compared to last month, this figure was up by 4.8%.

“The prices achieved in October were exceptional, and we have not seen average prices comparable to this since December 2007", Barfoot & Thompson managing director Peter Thompson said.