Auckland Property Weathers Winter

August 3, 2018

Auckland Property Weathers Winter With Stable Prices And Higher Sales

For the fourth consecutive month Auckland residential property sales were in excess of the number for the corresponding month for the previous year while prices in July showed limited movement.

“The major trend in the market at present is that sales numbers are definitely higher than they were last year, and with 830 sales in July were 11.1 percent higher than in July last year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“This trend of higher sales than in the monthly equivalent in 2017 started in April and is providing the current stability we are seeing in prices.

“The average sales price in July at $912,487 is in fact the highest average sales price we have recorded in a July, although it is down 1.8 percent on that for June.

“The median price for the month at $810,000 is exactly the same as it was last month, and the same as it was for July last year.

“July is traditionally when prices reach their low point for the calendar year, and with sales numbers holding up the signs are there that not only is the market weathering winter well, it is setting itself up to be active in the coming spring.

“Another pointer to prices remaining stable is that new listings at 1057 for the month were down to their lowest level this year, and the trend of declining choice for buyers has been growing since April.

“At 4115 properties at month end we have the lowest stock levels for the past 10 months. While still some way above the squeeze felt during the active trading years of 2013 to 2017, available choice is definitely declining.

“Homes for under $500,000 continued to be well represented in the sales figures, with sales in this price segment representing 9.8 percent of all sales.

“Sales of homes over $1 million represented 32.3 percent of all sales, with 4.1% of this number achieving a sales price of more than $2 million.

“Sales of lifestyle and rural properties were up 21 percent on those for last month with solid sales of rural and lifestyle properties in the Swanson and Pukekohe areas.

“Interest in beef and dairy farms in the far north is higher than normal at this time of the year. With listings being limited prices for this type of property remain stable.”

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