Auckland Housing Market Starts Year on Strong Note

Media release
5 February 2013

Auckland Housing Market Starts Year on Strong Note

The Auckland housing market has experienced its most active January in five years with significant levels of new listings and sales, and with the average price topping $600,000.

“Normally, January is a quiet month with so many people away from the City enjoying their summer break, but this has not been the case this year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“In January we listed 1440 properties, our highest number in a January for five years, and 39.7 percent higher than in the same month last year.

“January is always one of our lowest months for new listings, but interest in selling rolled over into January as a result of the excellent prices being achieved pre-Christmas, and our agents have been active since the first business day of the year.

“During the month we sold 820 properties, a number we have not achieved in a January for six years, and sales this January compared to last year were up 20.1 percent.

“As always occurs at the start of a new year, prices edged lower than those pre-Christmas, but January’s average price of $600,754, is the first time we have achieved an average price above $600,000 in a January.
“Compared to last January, the average price is up 13.4 percent.

“The Auckland housing market is showing all the signs that it has picked up from where it left off in December, and that sales numbers and values will hold up through the remainder of the warm months to come.”

Mr Thompson said the high number of new listings in January had slightly eased the lack of choice available in December, and at the end of January it had 3763 properties on its books.

“While this is 10.4 percent higher than in December, it is also 21 percent lower than in January last year, so the current situation of greater choice may not last long.”

Interest in high end properties remains, and 68 homes sold for $1 million or more in January.

Of the total number of properties sold 383, or 47 percent, were for under $500,000, and of that number 130, or 15.9 percent of all homes, sold for under $300,000.

ENDS

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