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February 2010 Market Update

Period Number of Sales* Volume of Sales
February 2010626 Properties$326,348,748
February 2009559 Properties$286,508,094
12 Months to February 20109,524 Properties$4,993,216,597
12 Months to February 20096,460 Properties$3,301,636,845

*Excludes Northland and Commercial

House Prices Set February Record, But New Listings Create Balanced, Competitive Market

  • Average price of $521,323 highest ever for February
  • New Listings reach 23-month high
  • Sellers need to ensure their price is right

Peter ThompsonThe average sales price for the month of February at $521,323 set a record for the month, but an increase in new listings, pushing choice to its highest level in 11 months, sees the Auckland housing market finely balanced.

“Taken in isolation, February was a solid month,’ said Peter Thompson, Managing Director of Barfoot & Thompson

“The average house price in February increased by 3.2 percent on that in January, and while a seasonal uplift was expected as people returned from the summer break, an average February price close to that for the average for the previous year ( 2009 yearly average: $522,297) has never occurred previously.

“For the past two years the average February price has been between $10,000 and $20,000 below the average for the previous year.

“The average price was also up 1.7 percent on February 2009.

“Sales at 626 were high for a February, up 7.4 percent on last month and up 12 percent on last February’s.

“New listings, at 1714, were our highest in 23 months and currently the number of homes on our books at 6247 is the highest it has been since the end of March 2009.

“Taken together, these indicators point to a balanced and competitive market.

“In Auckland, the main driver of buying activity remains owner occupiers, either trading up or moving into the Auckland area, and for these people concerns about any changes in Government policy around housing or any modest interest rate increase are not major deterrents.

“We are now entering what is traditionally the most active season for house sales.

“Given the balanced state of the market sellers need to ensure their price right if they are to sell.”

Rentals

Thompson said that while the average weekly rent for the month fell by $11 in the month to $390, this was $10 higher than in February 2009.

In February Barfoot & Thompson let 705 houses and units, down 10.1 percent on January and 10.3 percent on February last year.

“The rent pattern in recent years has seen February’s rents fall from a high in January, and then edge up again in March and April,” said Thompson.

“There is a steady demand for rental properties but limited availability across most geographic areas and price ranges.

“The area of greatest shortage is in quality, executive homes with three or four bedrooms.”