Greater Choice Has No impact On Auckland Property Prices

October 3, 2018

September sales data

A major increase in new listings, and the number of properties for sale at month end rising to their highest number for four months, had no impact on the stability of Auckland residential property prices in September.

“The average sales price for the month at $929,757 was marginally higher than August’s, while the median price at $835,000 was marginally lower,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“When compared to the average price for the previous three months, the average price was up $6000 and the median price up $15,000.

“The price point at which vendors and buyers are agreeing has barely moved in the past 9 months.

“The number of property sales in September at 722 was modest but vendors and buyers will take confidence in the stability of the prices achieved, and this will assist sales numbers as we advance into spring.

“The stand out feature of the month’s data was the high number of new listings, which at 1709 was the second highest ever for a September and more than 20 percent higher than at the same time last year. It is more than 42 percent higher than the monthly average for the previous three months.

“The high number of new listings significantly increased available choice during the month and at month end the number of properties on our books was 4515. You need to go back 7 years to find a September when available listings were higher.

“More than 30 percent of all the sales in the month were of properties that fetched a sales price of more than $1 million, with 3 percent of that number selling for $2 million or more.

“Properties with a sales price of less than $500,000 accounted for 9 percent of all sales.

“There was a marked increase in the number of lifestyle properties sold to the north and south of Auckland, with the average price being $1.36 million. Lifestyle properties to the south of Auckland represent good buying when compared to current residential vales.

“While rural and lifestyle listings were strong, they did not match the increase experienced in the metropolitan area.”

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