Auckland property sales up 17.7% month on month and new average price record set

Taylor Scott International News

The Auckland housing market was its most active for the past six months in November, with house sales numbers up 17.7% compared to the previous month. The latest data also shows that the average selling price set a new high of $756,909 and the median price also reaching its highest level ever at $691,500. ‘For the previous three months the uncertainty that always exists around general election time was influencing sales, but the market put that behind itself by November,’ said Peter Thompson, Managing Director of Barfoot & Thompson. ‘November is normally one of the strongest sales months of the year, and has proved to be again this year. Attendance at auctions was extremely high, there was keen buyer demand and new listings were strong,’ he explained. ‘It added up to a buoyant month’s trading that saw the average price increase by 2.8% over that for October and it was 10.6% higher than the average price in November last year,’ he said, adding that sales for the month were the highest since May. Sales were also 18.1% higher than the average number of sales the firm has achieved monthly over the previous three months. He pointed out that the current record sales prices are not proving a deterrent to buyers, with demand at the top end of the market being extremely strong. ‘We sold 225 homes for in excess of $1 million, only the second month we have ever sold more than 200 homes in a month in this price segment,’ said Thompson. ‘This year, we have sold a third more homes in the $1 million plus category that we did at the same point last year,’ he added. The data also shows that the number of new listings at 1,693 was the third highest for the year and this was 20.7% percent higher than the average number over the previous three months. ‘It provided greater choice than there has been since April. At month end we had 3,303 homes on our books. While this will contribute to an active month’s trading in December we anticipate sales numbers and prices to edge lower during the current month,’ Thompson continued. However, sales of homes in the under $500,000 price category at 225 made up only 20.4% of total sales, the lowest number of sales in this price category in any month this year. Thompson said this reflects the challenge those not already in the market face when trying to meet the LVR ratio. Continue reading →

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