Auckland Property Prices Rock Steady In December

Auckland Property Prices Rock Steady In December, Sales Numbers Down

In December the sales price of Auckland housing remained stable but there was a significant fall in the number of sales compared to those in November and December 2014.

“Sales data for the final month of the year is sending mixed messages as to where the market will head in 2016,” said Peter Thompson.

“The average sales price for December at $869,492 was down only 0.8 percent on November’s record average price while the median price rose to an all-time high of $800,000, up 0.6 percent on that for November.

“From a price perspective, the market was rock steady.

“Sales for the month at 796 were 19.3 percent lower than in November, and it was the lowest number of sales in a December for 4 years.

“December’s sales were also the lowest in any month for the past 22 months.

“While in December new listings at 757 were down 55 percent on those in November, this level of decline is quite normal and they were the highest in a December for 4 years.

“The factor most likely to impact on January sales was the extremely low number of listing at the end of December which, at 2431, was down 25.2 percent on those in November, and the lowest number for any month for more than 20 years.

“With a growing population and the number of new builds failing to keep pace with demand, competition for properties is likely to remain strong in the first quarter of 2016.

“January’s sales data is always influenced by the summer holiday period, and it is likely to be mid March when February’s sales data is available that a clearer understanding of prospects for 2016 emerge.

“What is clear, however, is that with so few properties on the market, now is an excellent time to list.

“In December 278 properties sold for in excess of $1 million and a further 202 for in excess of $750,000.

“Sales of properties in the under $500,000 price category were 44, representing 5.5 percent of all sales.

“In 2015, the average sale price of homes for the full year was $817,096, an increase of 14 percent on that for 2014, and 25.8 percent over 2013’s average sales price.

“The median price for 2015 was $755,333, 17.4 percent higher than 2014’s median price and 30.5 percent higher than that for 2013.”

ENDS

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