February 2023 Housing Market Update

Time period Number of sales* Total value of sales
February 2023 410 properties $451,812,077
February 2022 750 properties $897,027,711
12 months to February 2023 7,808 properties $8,922,912,387
12 months to February 2022 12,890 properties $15,058,230,049

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

Auckland housing market hobbled by extreme weather in February

Peter Thompson - Auckland House Price June 2021

Two months of the most intense and extreme weather Auckland has ever experienced hobbled the property market during February, leading to the slowest month’s trading in a February for at least a quarter of a century.

“The state of emergency, constant gales, disruption to movement and the public’s preoccupation with safety made trading conditions during February the most challenging anyone in the business can recall,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Whereas the Covid lockdown caused frustrations, in February onsite activity involved unprecedented commitment, discomfort and perseverance. 

“We sold 410 properties during the month. The only month in the past 20 years when we have sold less was in April 2020 when virtually all commercial activity was suppressed as a result of Covid.

“The median price of the homes sold was $1,023,000, up 2.3 percent on January’s median price and down 8.9 percent on that for February 2022.

“The average price at $1,101,980 was down 1.2 percent on that for January and down 7.9 percent on that for February last year.

“Given how little trading activity was possible, not too much should be read into February’s sales activity and prices.

“Prices continued to ease against where they were at this time last year, but vendors remained firm in what they considered a fair market price.

“New listings reaching the market remained strong, and at 1,309 for the month were 21.5 percent higher than in February last year.

“At month end we had 4,873 properties on our books, the highest number in a February for 10 years. 

“Buyer interest and attendance at open homes has started to rebuild with the return of fine weather.

“A feature of February’s trading was that under 6 percent of the homes in February were for more than $2 million. At this time of the year that number has regularly been around 10 percent.

“In February nearly a quarter of the houses sold were in the under $750,000 price segment.

“Rural and lifestyle activity to the north, west and south of Auckland also experienced severely restricting trading conditions, and sales numbers were about half those achieved in February last year. While quality listings existed, buyer activity was hampered.”

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  Dennis.lynch@networkcommunication.co.nz    

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More market reports
Residential sales report
Full list of residential sales
Suburb report
Rental report