Auckland's average house price reaches record in March

Wednesday 05 April 2017 10:45 AM

Auckland's average house price reaches record $968,570 in March, Barfoot's data shows

By Jonathan Underhill

April 5 (BusinessDesk) - Auckland house prices charted a record high again in March, with those selling for more than $1 million accounting for 41 percent of sales in the month, says realtor Barfoot & Thompson.

The average sale price rose 2.5 percent in March from February to $968,570 and was 4.8 percent above the average price in the previous three months, Barfoot said. The average price is about 12 percent higher than in March 2016. Monthly sales almost doubled to 1,110 from 529 in February but were down from 1,341 in March last year.

Barfoot's monthly figures come after the release today of the latest QV House Price Index from government-owned Quotable Value showing that while national property values increased on average by 12.9 percent over the year to March 31, the increase in the last three months was just 0.6 percent. Auckland house prices fell on average by 0.2 percent in the first three months of this year for a 12.3 percent annual increase and QV said the appearance of slowing house price inflation as a result of tougher loan-to-valuation restrictions may only be temporary in the city's overheated property market.

“During the last quarter of 2016 the rate at which Auckland house prices were increasing slowed markedly, and this situation has continued into the first quarter of this year," said Barfoot managing director Peter Thompson. "Traditionally March is the high point for prices in the first half of the year."

Barfoot said 67 property sales, or 6 percent of the total, were for in excess of $2 million, while 99 properties, or 8.9 percent of the total, sold for less than $500,00.

The realtor had 4,413 properties on its books at the end of the month, down 2.9 percent from the end of February.

(BusinessDesk)

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