Auckland property market sees record sales, record prices and low listings

Taylor Scott International News

December’s residential property sales in Auckland were the strongest they have been for the final month of the year for the past decade, the latest data shows. Sales numbers were up significantly, prices reached all-time highs, and the number of available listings reaching an all-time low, according to independent agency Barfoot & Thompson. ‘It was our busiest December in the last 10 years with demand never being higher, or choice lower. Even though December was the shortest selling month of the year we sold 1,050 properties, our fourth busiest month of the year,’ said managing director Peter Thompson. He pointed out that sales in December were 28.5% higher than in December 2013 and the average sales price in December 2014 was $758,891, some $1,982 higher than November’s average price. The median price increased to $720,000 in December, which was $28,500 or 4.1% higher than November’s, and it is the first time the median price has moved above $700,000. ‘At the same time the number of properties on our books at the end of December was 2,500, our lowest number for any month end in the past 10 years. For us, this represents less than two months’ stock, and indicates that in the first quarter of this year, buyer choice will remain severely limited,’ explained Thompson. He believes that in part, December’s strong activity was a flow over from October and November, which were catch up months following a relatively low period of activity during September caused by the General Election. Although the year ended with record prices and sales activity, overall prices in 2014 rose slower than they did in 2013. The average price increased by 10.3 % in 2014, compared to 11.1% in 2013 while the median price increased by 11.1% compared to 12.7%. ‘The past two years of strong price growth is reflected in the significant change in sales volumes in both the higher and lower price segments of the market. In 2014 some 29.5% of all homes sold for under $500,000,’ said Thompson. ‘A year earlier, 38.6% of all sales were in this price category. The same trend is found at the top end of the market, with sales of homes in the $1 million and above category in 2014 representing 17.2% of all sales. A year earlier it was 12.4%,’ he added. Continue reading →

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