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December sees Auckland housing market on record high

January 8, 2014

Media statement


Rock solid December sees Auckland housing market end year on record high

Overall, Auckland’s housing market remained buoyant, finishing the 2013 year with a December residential average price of $700,387, the highest ever, although sales of property under $500,000 have declined. 

“Seasonal trends which traditionally see higher value properties traded have not been offset by recent Reserve Bank changes and nor would they given the next three to four months of high summer season,” said Barfoot & Thompson Managing Director, Peter Thompson.

The median price in December was $629,000, a 14.25 percent increase against the December 2012 median of $550,500.

The average median for 2013 increased by 8.7 percent over the past year to $578,815 which, given the pressures on supply and the stable and low mortgage lending rates, is modest.

In December, 817 residential sales were made.  Although this is down on December 2012 figures, it was the second best December in the last 10 years.

“The year ended with lack of choice again becoming an issue with new listings for December at 631. At month end we had 2969 listings on our books.

“These figures tell a compelling story about the strength of the Auckland housing market, an improving economy, and people’s belief that residential property continues to represent a dependable medium to long term investment.

“With listings being so restricted, and buyer demand so high, it suggests that as we enter the New Year, the Auckland real estate market will experience a strong first quarter.”  

Ends

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