Sharechat Logo

Auckland house sales activity still subdued in May

Thursday 6th June 2019

Text too small?

Auckland house sales were down by about a fifth in May from a year earlier but prices were largely flat, in what the city's biggest realtor described as a subdued market. 

Barfoot & Thompson said 821 houses were sold in the country's biggest city last month, down from 1,027 a year earlier. The median sale price increased 3.7 percent to $850,000. 

"For the third consecutive month the Auckland residential property market registered limited change in activity with May sales numbers remaining subdued and prices not moving," it said. 

Auckland's housing market has been in the doldrums over the past year as efforts by legislators to curb demand at a time when interest rates remain at record low levels took a while to take effect. Quotable Value data today showed falling Auckland house prices were depressing the national average. 

Managing director Peter Thompson said Auckland's market appears to have settled below the five-year peak sales years of 2012 to 2016.

"The market remains active because buyers are there and there is a good number of properties for sale," he said. 

"Sales numbers for the month at 821 showed a good increase on April’s 667 but were down significantly on last May’s 1027."

Barfoot's new listings dropped 19 percent to 1,186 in May from a year earlier. The realtor had 4,319 properties on its books at the end of the month, down 5.5 percent from a year earlier, and 4,684 at the end of April. 

Of the 821 sales, about a third were for $1 million or more, while 9.4 percent were below $500,000, Barfoot said. 


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Heavy lifting ahead for emissions partnership
SkyCity to start reopening this afternoon
Napier Port shares surge to 1/3 above August listing price on strong cargo volumes
Vital Healthcare gets a new manager, Aaron Hockly
Venture capital funding gap is real - David Parker
Serko brings in in $45m capital raising
Fonterra farmers urge MPs to unshackle cooperative
NZ dollar benefits as EU likely to grant Brexit extension
24th October 2019 Morning Report
OPINION: All the questions the convention centre fire asks

IRG See IRG research reports