Auckland Property Market Starts Year In Line With Expectations

Residential property sales in Auckland were in line with normal trading patterns for the first month of the year and showed no signs that prices are under pressure from trading bank lending practices or rising interest rates.

“January trading was very much in line with expectations for the first month of the year,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Prices eased marginally from those recorded in December, which is common, sales numbers were excellent and new listings were healthy.

“Direct comparisons with trading over the past two years are challenging because throughout 2020 and 2021, trading was disrupted by Covid lockdown restrictions.

“However, based over a five-year trading horizon, January’s sales numbers have set the market up for a positive late summer and early autumn trading season.

“The average sales price for the month at $1,230,581, while down 3.8 percent on that for December, was 15.2 percent higher than at the same time last year.

“The median price at $1,180,000 was down 4.5 percent on December’s, but 21 percent higher than January last year.

“Sales for the month at 801 were down by more than a quarter on those for last January, but trading last January was abnormally high due to coming out of lockdown. This January’s sales number is significantly higher than those for January for the four years preceding 2021.

“New listings for the month at 1135 were strong, and we ended the month with 3827 properties on our books, giving buyers a level of choice not seen for 15 months.

“The rural and lifestyle property markets to the north, south and west of Auckland experienced their most active January trading in the past decade, recording close to $114 million worth of sales during the month.”

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