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Auckland Housing Still Moving Forward From Market Low Point

In April, the Auckland housing market gave back half the gains it made in March but overall sales continued the forward momentum being made since the low point in July last year.

“April’s trading did not match March’s breakout result, but was still a solid performance,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“It has ensured the market is still moving forward from its low point in July last year.

“Since the start of the year, the median price has increased by 4.2 percent and the average price by 11.9 percent while, compared to the low point of the price cycle, the median price is now up by 6.1 percent and the average price by 13.7 percent.

“The median sales price for April at $1,007,500, was up 1.3 percent on that 12-months ago, but down 4 percent on that for March.

“The median price still remains above the $1 million mark, which has become something of a benchmark for the median price in Auckland.

“The average sales price at $1,212,828 in April was down on that for March by 1.2 percent and was 11.6 percent above where it was 12-months ago.

“April’s average sales price is at its highest level ever, even above those in 2021 and 2022, the years when house prices peaked.

“Sales numbers for the month at 704 were down a third on those for March but the highest for the month of April for three years.

“From a buyer-choice point of view, housing remains a buyers’ market with the number of properties listed at month end at 5770, the third month in a row that total listings have remained above 5000.

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“Total listings at month end were assisted by 1580 new listings in April, a three-year high for new listings in the month of April.

“Sales at the top end of the market remained strong, with 57 sales valued at $2 million or more, and this represented 8.1 percent of all sales. 12 homes sold for in excess of $3 million.

“The value of property sold in the Rural and Lifestyle markets in April was $40.2 million, up nearly 50 percent on the value of property sold last April. These sales made some inroads into stock levels, however, available properties for sale remain high in these two markets, offering buyers significant choice.”

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