November 5 2018
October data statement
The dormant Auckland residential property market awoke in October, with higher sales, selling prices and new listings.
“In comparison with where the market has been for the past nine months, October trading was extremely active,” said
Peter Thompson, Managing Director of Barfoot & Thompson.
“Spring arrived, and the market came alive.
“The average sales price for the month at $937,277 was the highest this year and up 1.5 percent on the average for the
previous three months.
“The same trend is there with the median price, which at $860,000 for the month was also the highest it has been this
year (along with that for March) and 3.9 percent higher than the average for the previous three months.
“In part the increase can be attributed to the traditional upturn that comes with spring, but there was also a new found
confidence that prices were not going to retreat.
Buyers put aside their concerns of the past few months and made the decision to move ahead with their buying intentions.
“Sales numbers for the month at 884 was the highest in October for three years, and close to a quarter higher than last
month and close to 40% higher than for the same month last year.
“Available property for sale also reached the highest it has been for the past 6 years with total listings at month end
reaching 4848, and new listings for the month hitting 2046, the highest in a month for 19 months.
“Sales of property were sound across all price segments, with 11 percent of sales being for under $500,000, 32 percent
between $1 million and $2 million and nearly 5 percent being for over $2million.
“The revival of the Auckland housing market is not a signal that the market is ready for another burst of rising prices.
“What it does signal is that residential property is set for strong trading through to Christmas.
“Contrastingly, the rural and lifestyle market experienced a quiet month’s trading.
“Prices remained steady with strong listing numbers, particularly in Orewa and Pukekohe.”
- 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.
For further information, please contact Peter Thompson, Managing Director, Barfoot & Thompson, telephone 09 307 5523 or 027 453 5931.www.barfoot.co.nz
Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch) telephone 021 963 733Dennis.lynch@networkcommunication.co.nz
OctoberLast Month Previous 3 Months* October 2017 Average Price $937,277 $929,767
+0.8% $923,503
+1.5% $928,218
+1% Median Price $860,000 $835,000
+3% $828,000
+3.9% $830,500
+3.6% Sales 884 722
+22.4% 782
+13%
634
+39.4% New Listings 2046
1709
+19.7% 1366
+49.8% 1733
+18.1% Month-End Available Stock 4848 4515
+7.4% 4217
+15%
4451
+8.9%
*Average for 3 months
ends