Auckland House Sales Pull Back From Entering New Territory

May 4, 2016
April’s data statement

Auckland House Sales Pull Back From Entering New Territory

Auckland house sales activity quietened in April after a busy March, with only a marginal increase in the average price, and sales numbers down significantly.

“April’s prices show that Auckland house prices have pulled back from breaking into new territory,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The average price for April at $873,599 was up only 0.8 percent on that for March, and 8.6 percent ahead of where it was in March last year. For the past year we have been looking at monthly year-on-year increases of around 12 percent.

“Sales numbers at 944 for the month were also down significantly, falling 29.6 percent on those for March and down 11.8 percent on those for April last year.

“In April we sold the lowest number of homes we have sold in an April in 4 years, and the likely cause of this was caution around current pricing and the low number of properties on the market, restricting choice.

“The median sales price for the month at $820,000 was up 2.8 percent on that for March, and also up 8.8 percent on that for April last year.

“In part, the climb in the midway price point (median price) can be attributed to the low number of homes sold in the month for under $500,000. In April only 7.1 percent of all homes sold were in this price category compared to 10.9 percent in March while house sales above the $1 million mark were the second highest for 7 months.

“Overall, activity in April is best described as restrained.

“New listings in April at 1496 were down 20.2 percent on those for March and down 5.3 percent on those for April last year. April’s new listings were the lowest in an April in three years.

“For the third consecutive month the number of properties on our books at month end declined, and at 2846 fell 8 percent below where they were at the end of March. The number of homes on our books at the end of April was the lowest they have been in an April for more than 15 years.

“While choice across all price segments was low, interest in top-end homes remained high and 355 properties, or 37.6 percent of all homes sold, attracted a price in excess of $1 million.”

ends

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