Sharechat Logo

New listings soar in Auckland but prices still stable, says Barfoot & Thompson

Wednesday 3rd October 2018

Text too small?

New residential real estate listings in Auckland were 20 percent higher in September this year than a year ago,  but so far prices are remaining stable, says realtor Barfoot & Thompson.

There were 1,709 new listings, up 28 percent versus August and more than 43 percent higher than the monthly average for the last three months. At the end of September, the city's biggest real estate agency said it had 4,515 properties on its books, the most for a month of September in seven years and the second highest ever for a September month.

However, the average sale price was $929,757, up 0.2 percent from a year earlier, while the median price was down 3 percent at $835,000, Barfoot said in a statement.

“The price point at which vendors and buyers are agreeing has barely moved in the past nine months," said Peter Thompson, managing director. 

The number of property sales in September was 722, up 10 percent on the year but down 9 percent versus August.

While Thompson said the number of sales "was modest" he expects vendors and buyers to take confidence from current price stability of the prices, saying "this will assist sales numbers as we advance into spring". 

More than 30 percent of all the sales in the month were of properties that fetched more than $1 million, with 3 percent of that number selling for $2 million or more.

Properties selling for less than $500,000 accounted for 9 percent of all sales.

Auckland property prices soared ahead of much of the country through the middle part of the decade, fueled by cheap finance and a housing supply shortage as the city's population grew faster than expected.

However, it has been cooling as government efforts to restrict the sale of residential property to foreigners and encourage new construction, combined with Reserve Bank-imposed mortgage lending restrictions and tighter bank lending criteria have all borne on the Auckland housing market as the pace of inward immigration has started slackening.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report