December 2024 Housing Market Update

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

Auckland housing market has solid finish to year 

The modest recovery in prices the Auckland housing market achieved in the final months of 2024 was sustained through to year end.

“Sales numbers in December remained solid and prices remained positive,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The median sales price was right at $1 million for December. While $11,000 below the median price in November, it was 3.4 percent higher than the average median price for the previous three months.

“The average price at $1,186,462 was up 4.7 percent on November’s price, and up 6.4 percent on that for the previous three months.

“While these prices are still well below 2021's peak prices, they are ahead of those in the third quarter of the year when the market struggled as the economy came under pressure.

“On a year-on-year basis the average price increase for 2024 over 2023 was 4.4 percent and for the median price there was a decline of 0.1 percent, showing that there was little price movement over the past 12 months.

“Sales numbers at 833 for December declined significantly on those for November, as traditionally happens at year end, but were 17.1 percent higher than in December last year.

“Given the challenges the economy was under in 2024, the Auckland housing market, assisted by falling mortgage interest rates towards year end, came through the year in good shape.

“Our sales numbers on a year-on-year basis were up 17.2 percent, the yearly median price at $987,000 was down $11,000 on last year and the yearly average price at $1,152,000 was up $48,000.

“We listed 780 additional homes in December, the first time last year we listed less homes in a month than we sold, and it brought the number of available listings at the end of December to 5,094, our lowest number in 11 months. Available listings are approximately 13 percent above where they have been at this time of the year for two years.

“Sales of property in the under $750,000 price range made up 19 percent of our total sales, in line with sales in this price category for the full year.

“The state of the economy had minimal impact on sales in the $2 million to $3 million, and $3 million plus price categories throughout the year. On average throughout 2024, we sold 41 homes each month in the $2 to $3 million category and 14 homes each month in the $3 million plus price category – higher numbers than we sold in 2023.

“The rural and lifestyle markets to the north, west and south of Auckland came to life in December in response to the lowering of mortgage interest rates in the final quarter of 2024.

“After modest trading in November, sales in these two markets in December exceeded $80 million. This is the highest dollar value for sales in a month for two and half years in these markets and nearly double November’s sales.

“A contributing factor to this is that rural and lifestyle mortgage lending traditionally takes longer to negotiate with banks than in the urban housing market.”

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, by telephone at 09 307 5523 or 027 453 593. www.barfoot.co.nz.  

Released on behalf of Barfoot & Thompson by Network Communication (Sandy Trigg) telephone 021 231 9406 sandy.trigg@networkcommunication.co.nz