Auckland Housing Market Adjusts To Economic Conditions

While Auckland property sales adjust to current economic conditions, buyers in September focused their attention on property that is selling for under $1 million.

“There was a significant shift in the price bracket where sales were made in September,” said Barfoot & Thompson Director, Kiri Barfoot.

“In September, 46 percent of our sales in the month were properties priced at under $1 million. For most months this year sales in the under $1 million price category have ranged between the low 30s to 40 percent of total sales.

“In September, the percentage rose to 46 percent of the 614 sales we made.

“We sold 46 properties in the month for in excess $2 million, the same number as last month.

“Overall, in September buyers remained cautious, with sales numbers up 6.2 percent on those for August but down 7.8 percent on those for September last year.

“The median price for the month at $1,064,000 fell away by 4.2 percent on that for August and was the lowest it has been in any month for 16 months.

“However, the average sales price at $1,164,852 was up 0.6 percent on that for August, and 2.9 percent ahead of the average price in September last year.

“While the median price in September is down 14 percent on the median peak price of $1,240,000, achieved in November last year, the median price in September is down only 3.3 percent on the median price in September last year.

“Whereas, in comparison, the average September sales price is down 8.9 percent on the peak average price of $1,278,647 achieved in December but is 2.9 percent higher than last September’s average price.

“Prices are edging lower gradually rather than falling sharply.

“New listings for the month at 1301 were solid, and 2.5 percent higher than we have averaged across the previous 3 months.

“At month end we had 4567 properties on our books. This number is 1.5 percent lower than last month but two thirds higher than the number last year.

“Interest in rural and lifestyle property remained positive in September but activity was quiet as buyers and vendors sought common ground on prices. On property sold, the average sales price was $1.6 million, up 8.8 percent on that for August.”

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