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Auckland Housing Market Expectations Of Spring Met

October 2, 2019

September Data Statement

Auckland Housing Market Expectations Of Spring Greater Activity Met

The Auckland residential housing market met expectations in September with new listings growing significantly and median prices strengthening over those for the previous three months.

“After a relatively quiet winter, the expectation was that with the arrival of Spring we would see house sale activity increase, and the market did not disappoint,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The most significant number in the month’s trading data was the increase in new listing at 1204, up 14.4 percent on those for August and up 12.2 percent on the average number for the previous three months.

“These new listings provided the market with the greater choice it was seeking and this assisted sales numbers for the month to reach 771, up 3.4 percent on those for the previous month and up 6.8 percent on those for the same month last year.

“It is the highest number of homes we have sold in September for three years.

“Attendance at auctions during the month were up, as was the number of sales under the hammer.

“The median sale price at $850,000, was up 2.4 percent on the previous month and was 3 percent higher than for the same month last year.

“Conversely, the average sales price for the month at $922,863 was less than 1 percent lower than that for the previous month and for the same month last year.

“While price remains a significant consideration, the main barrier to higher sales numbers remains the lack of listings to meet demand. Sales numbers at month end have now declined month on month for six months.

“At the end of September we had only 3694 properties on our books, the lowest number in 32 months. You need to go back to 2016, when the market was at its most active, to see the number of properties for sale so low.

“With restricted choice and increased competition on the auction floor, or post auction, there was no pressure on prices to decline.

“Sales numbers were strong across all price segments with 10 percent of all sales being for less than $500,000, 31 percent selling between $500,000 and $750,000 and 30.1 percent for in excess of $1 million.

“The combination of solid buyer interest and shortage of property for sale saw lifestyle property prices remain stable.

“After a winter lull, interest has risen in rural land, particularly to the south of Auckland.”

-end-


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