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Slight Cooling in April Real Estate Sales

May 5, 2014
Media Statement

Slight Cooling in April Real Estate Sales

Auckland residential property prices cooled slightly during April with sales down approximately 15 per cent over the same time last year, returning to 2012 levels.

Barfoot & Thompson Managing Director, Peter Thompson, said this was customary due to the Easter, Anzac Day and school holiday period, but a higher than normal number of listings (3623) was also adding to market competiveness.

“Undoubtedly, the loan-to-value ratio and interest rates were also keeping prices in check.”

Barfoot & Thompson sold 811 properties during April for an average price of $708,603.

“This average is higher than those achieved last year but more aligned to 2012 numbers. It shows ongoing support in the Auckland property market, but more listings creates more choice, and that ultimately softens prices.

“Sellers need to stay pragmatic about their property prices and not overprice them if they want them sold.”

The April median price was $619,550.

Mr Thompson said sales of homes over $500,000 continued to trade well with 547 homes sold in this price range during April, echoing the sort of figures achieved over summer.

This was reinforced in the higher price echelons with 286 homes sold over $750,000 and 120 sales realised over the one million dollar mark.

These were consistent with figures achieved from December 2013, through February 2014.

Mr Thompson said the market still showed buoyancy and will continue to hold its own over the cooler months.

“The economy is strong, and there’s a lot to choose from which is great for home buyers. But there’s realism in the market and prices are being pulled back into line. As experienced in seasonal trends, we can expect some price retraction over winter.”

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

ENDS

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