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Signs Auckland’s Housing Hibernation Is Coming To An End

May 3, 2018

In April the Auckland residential property market signaled that sales activity may have bottomed and is ready to emerge from its 12- month price and sales hibernation.

“The sales figures contain a number of modest indications that confidence has returned,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“At $930,223, the average sales price was 1.4 percent higher than it was at the same time last year, with the average selling price having shown little movement over the past 12 months.

“At the same time the number of properties sold at 731 was 10.1 percent higher than in April 2017, and sales numbers in the first four months of the year are 3.2 percent higher than for the comparative period last year.

“While there is no suggestion that prices are poised to start their upward climb, with prices no longer declining in comparison to 2017, the point has been reached where a further price decline is the least likely future outcome.

“In meeting the market price, buyers can have confidence that the chance of them being disadvantage by future price volatility is low.

“The median sales price continues to lag behind previous levels and, at $830,000 for April, was down 0.8 percent on the average for the previous three months and down 2.4 percent on April 2017’s price.

“In part this can be attributed to sales of property in the $1 million and $2 million price category being down significantly in April compared to those for March (down close to 60 percent) while sales of homes for under $500,000 represented 9.8 percent of all sales.

“Most trading activity during the month occurred in the $500,000 to $1 million price category, with sales numbers accounting for 57 percent of all sales.

“New listings at 1358 for the month were strong, ensuring that buyer choice at month end of 4678 properties was the second highest they have been for 6 years.

“After an active March, the rural, lifestyle and commercial markets experienced slower activity in April.

“While buyers continued to show interest, they were selective.

“Demand remained strong for orchards, particularly for kiwi fruit, in the north and far north.

-Ends-

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