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Auckland House Sales Pull Back From Entering New Territory
May 4, 2016
April’s data statement
Auckland House Sales Pull Back From Entering New Territory
Auckland house sales activity quietened in April after a busy March, with only a marginal increase in the average price, and sales numbers down significantly.
“April’s prices show that Auckland house prices have pulled back from breaking into new territory,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“The average price for April at $873,599 was up only 0.8 percent on that for March, and 8.6 percent ahead of where it was in March last year. For the past year we have been looking at monthly year-on-year increases of around 12 percent.
“Sales numbers at 944 for the month were also down significantly, falling 29.6 percent on those for March and down 11.8 percent on those for April last year.
“In April we sold the lowest number of homes we have sold in an April in 4 years, and the likely cause of this was caution around current pricing and the low number of properties on the market, restricting choice.
“The median sales price for the month at $820,000 was up 2.8 percent on that for March, and also up 8.8 percent on that for April last year.
“In part, the climb in the midway price point (median price) can be attributed to the low number of homes sold in the month for under $500,000. In April only 7.1 percent of all homes sold were in this price category compared to 10.9 percent in March while house sales above the $1 million mark were the second highest for 7 months.
“Overall, activity in April is best described as restrained.
“New listings in
April at 1496 were down 20.2 percent on those for March and
down 5.3 percent on those for April last year. April’s new
listings were the lowest in an April in three years.
“For the third consecutive month the number of
properties on our books at month end declined, and at 2846
fell 8 percent below where they were at the end of March.
The number of homes on our books at the end of April was the
lowest they have been in an April for more than 15 years.
“While choice across all price segments was low, interest in top-end homes remained high and 355 properties, or 37.6 percent of all homes sold, attracted a price in excess of $1 million.”
Last Month Previous 3
Months* April 2015 April’s
Average Price
$873,599 $866,782
+0.8%$833,502
+4.8%$804,282
+8.6%Median
Price
$820,000 $798,000
+2.8%$765,000
+7.2%$753,500
+8.8%Sales
944 1341
-29.6%977
-3.4%1070
-11.8%New
Listings
1496 1874
-20.2%1618
-7.5%1580
-5.3%Month-End
Available Stock
2846 3093
-8%2995
-5%3151
-9.7
%
*Average for 3
months
ends
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