September 2018 housing market update

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Time period Number of sales* Total value of sales
Sept 2018 722 properties $671,285,051
Sept  2017 658 properties $610,764,497
12 months to Sept 2018 9515 properties $8,799,599,851
12 months to Sept 2017 9418 properties $8,792,762,624

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.

Greater choice has no impact on Auckland property prices  

Peter Thompson

A major increase in new listings, and the number of properties for sale at month end rising to their highest number for four months, had no impact on the stability of Auckland residential property prices in September.

“The average sales price for the month, at $929,757, was marginally higher than August’s, while the median price, at $835,000 was marginally lower,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“When compared to the average price for the previous three months, the average price was up $6,000 and the median price up $15,000.

“The price point at which vendors and buyers are agreeing has barely moved in the past nine months.

“The number of property sales in September at 722 was modest, but vendors and buyers will take   confidence  in the stability of the prices achieved, and this will assist sales numbers as we advance into spring.

“The stand out feature of the month’s data was the high number of new listings, which at 1,709 was the second-highest ever for a September and more than 20 percent higher than at the same time last year. It is more than 42 percent higher than the monthly average for the previous three months.

“The high number of new listings significantly increased available choice during the month, and at month end the number of properties on our books was 4,515. You need to go back seven years to find a September when available listings were higher.

“More than 30 percent of all the sales in the month were of properties that fetched a sales price of more than $1 million, with three percent of that number selling for $2 million or more.

“Properties with a sales price of less than $500,000 accounted for nine percent of all sales.

“There was a marked increase in the number of lifestyle properties sold to the north and south of Auckland, with the average price being $1.36 million. Lifestyle properties to the south of Auckland represent good buying when compared to current residential values.

“While rural and lifestyle listings were strong, they did not match the increase experienced in the metropolitan area.”

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