July 2022 Housing Market Update
|Time period||Number of sales*||Total value of sales|
|July 2022||611 properties||$685,893,841|
|July 2021||1,235 properties||$1,461,748,630|
|12 months to July 2022||10,065 properties||$12,089,127,421|
|12 months to July 2021||15,459 properties||$16,751,633,618|
Residential property sales fall but prices slow to retreat
While the number of residential properties sold in Auckland fell significantly in July, the median sales price retreated only slowly.
“Prices are not falling at the same rate as declining sales numbers,” said Peter Thompson, managing director of Barfoot & Thompson.
“The median sales price for the month at $1,110,000 has fallen only 2.5 percent on the average median price over the last three months and is still 0.8 percent ahead of the median price in July last year.
“At the same time, the number of sales we made in July at 611 is the lowest number of sales we have made in the month of July in the past 22 years.
“At present, we have prices and sales out of sequence, as vendors and buyers seek to establish where the market is priced.
“Prices are definitely retreating but at the current level, these prices would have been regarded as excellent 12 months ago.
“There has been greater movement across the average price, which at $1,122,575, is down 5.4 percent on the average price for the previous three months.
“The July sales data indicates that the Auckland market is gradually readjusting to a lower sales price point in a controlled manner rather than vendors reacting impulsively to slower sales.
“There is still a strong flow of new property reaching the market and in July we listed 1177 new properties, lower than normal for this time of the year but given slow sales it is giving buyers new options.
“At month end we had 4567 properties on our books.
“The rural and lifestyle sectors did not experience the same downward pressure of sales as the residential market, and experienced the fourth best trading month of the current year, with sales in excess of $78 million.”
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, contact Peter Thompson, Managing Director, Barfoot & Thompson, telephone 09 307 5523 or 027 453 593. www.barfoot.co.nz.
Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch) telephone 021 963 733 [email protected]
|July||Previous Month||Previous 3 Month Average||July 2021|