Auckland House Prices Rock Steady On Modest Sales Numbers
Auckland residential property prices remained rock solid in September even though sales numbers fell to levels not seen
in the month of September for seven years.
“Sellers were prepared to accept prices at close to what have prevailed for the past six months, but have been declining
low offers,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“The over riding sentiment of sellers was that the fundamentals that have driven the market for the past two years have
not changed, and that prices are not likely to fall significantly.
“There are a significant number of buyers actively searching, and those that are realistic and prepared to meet the
market are making a purchase.
“Factors such as high population growth, stable mortgage interest rates and a shortage of supply remain.
“The general election coming in the middle of the sales period added uncertainty to a market that has been flat since
April, and did have an impact on sales numbers.
“In September it resulted in sales numbers being down 15.3 percent on the previous month.
“However, the average sales price increased by 1 percent over that for August to $928,213 and the median price increased
by 4.9 percent to $860,000.
“A contributing factor to prices edging higher in September was that two thirds of all sales were of properties for in
excess of $750,000, with 38.6 percent reaching a sale price of in excess of $1 million.
“Properties in the higher price brackets tend to be less affected by uncertainty about potential future price movements.
“September’s average and median prices are marginally higher than what they were in September 2016.
“With the general election out of the way and a future Government likely to be confirmed by mid October, the normal
spring lift in new listings for sales pre Christmas and greater sales activity is likely to return to the market by
early November.
“New listings for the month at 1414 were solid, being 12.2 percent higher than in August and at month end total listings
were 3829, down 4.1 percent on those at the end of August.
“Rural and lifestyle property sales mirrored those of residential properties, with sales numbers being lower and prices
stable.”
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.
ENDS