Auckland February house sales high, price pressure eases

March 4, 2014
Media Statement

Auckland February house sales high but greater choice eases price pressure

While the number of Auckland house sales were at their second highest level in a February for seven years, a significant increase in choice eased the pressure on values with the average and median sales prices for the month both edging down.

“This February was one of our busiest on record, with sales up by 9.3 percent on those for the same period last year and new listings up 47.7 percent on those for January,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“With choice far greater since November, some of the pressure on prices eased and buyers showed more caution about paying over the top to get properties.

“The average selling price for the month fell by less than $10,000 or 1.3 percent on that for January to $747,521 and the median price by more than $13,000 or 1.9 percent to $686,500.

“The level of sales activity shows while there is still strong buyer interest, for the time being buyers felt property was fully priced.

“Buyer choice increased in February through 1771 new listings in the month, which was the highest number in the past 16 months.

“With 843 sales in February, down 1.9 percent on those in January but up 9.3 percent on those in February last year, listings at month’s end were 3258.

“It means that we started March with the highest number of properties on our books since November last year, and a marked improvement over the 2500 listings at the end of December.

“Choice of property in the under $500,000 category remained strong with sales in this price bracket being a quarter of all sales in the month.

“At the same time sales of properties in the million dollar plus category in February, at 174, remained constant with sales numbers in January.

“Property selling in the $750,000 to $1 million price category was in high demand. Property in this price range is often located in well-established suburbs which have older, quality homes where value can be added through remodeling and renovation.”

Ends

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

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