Auckland Market Trading Well For Committed Vendors

Auckland residential property sales in August maintained their recent trend of solid sales numbers with prices in line with where they have been for the past three months.

“The month’s trading was sound, without breaking out from the price boundaries we have been experiencing all winter,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“We sold 889 properties in the month, and while down 7.1 percent on last month, numbers were on par with sales in August for the past three years.

“The median price for the month at $950,000 was the same as it was in July, and consistent with the past three months.

“The average sales price at $1,081,032 fell 1.8 percent on that for July and has only moved within a 2 percent band for the past three months.

“The Auckland market is trading well for vendors who are pricing their property in line with current market conditions as there is strong demand from buyers at current prices. Vendors holding out for prices to lift are missing out.

“Other than during the peak years of 2020 and 2021, we are selling more houses this year than we did in any of the previous nine years.

“The standout feature in August’s activity was the number of homes we sold for under $1 million. They made up 56 percent of all sales in August and this highlights the growing attraction of lower cost town houses and apartments. Three years ago, sales in this price category made up 41 percent of sales.

“Sales of property in the over $2 million price category at 42 were their lowest for five months.

“New listings in the month were 1622, in line with new listings for the previous three months, while at month’s end we had 5873 properties on our books.

“Rural and lifestyle property sales for the month at $50 million were their lowest for five months, and down 12 percent on those last month.”

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