Auckland Housing Market On The Rebound
The Auckland housing market gently accelerated into positive territory in November, with sales numbers increasing significantly and prices recovering most of the lost ground recorded in the past 12 months.
“November was the month when all the talk about positive gains for the housing market showed up in the sales data,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“The recovery is modest, but steady, and gained momentum in the later part of the month, indicating that December will also be a good trading month.
“The biggest gain was in the number of properties sold, and in the month our sales at 956 were up 13 percent on the previous month and a third higher than in the same month last year.
“This is the highest number of properties we have sold in a month for 21 months.
“The prices at which properties sold bedded in the gains that started to occur last month.
“The median price at $1,018,000 was the highest median price in 8 months, and the average price at $1,185,820, was the highest in 19 months.
“Significantly, the average sales price for the month was up 2.8 percent on that for November last year. This is the first time a 2023 average monthly price has exceeded its 2022 equivalent.
“The median monthly price in November is within 4.4 percent of its 2022 equivalent, the closest the 2023 monthly median price has come to matching that for 12 months earlier.
“This demonstrates that the prices being paid are no temporary, short-term recovery, but show a sound, rising market.
“Buyers returned in strength to the top end of the market, with 91 sales of properties for more than $2 million, the highest in a month for 20 months.
“Of this number, 24 sold for more than $3 million, also the highest number for 20 months.
“New listings in the month at 1841 were the highest for the past 20 months, and month-end properties for sale at 4841 were 12.5 percent higher than they have been for the previous three months.
“The rural and lifestyle markets in Northland, and the rural markets to the south, west and north of Auckland were more subdued than the metropolitan market and overall experienced a more moderate lift in market activity.
“There were, however, pockets of high local activity with the Franklin market achieving its highest ever sales in the month of November.
“New listings gained traction in the rural markets towards the end of the month, laying the groundwork for a busy first quarter next year.”