Prices, sales rise with spring momentum
Auckland’s housing market is showing new signs of strength, driven by lower mortgage interest rates and reduced inflation.
October saw a lift in both home prices and sales, marking a clear improvement from the slower winter months.
Peter Thompson (pictured above), managing director of Barfoot & Thompson, noted the positive impact of seasonal and economic changes.
“The arrival of spring, the reduction in mortgage interest rates and the fall in inflation created positive expectations, and the Auckland market delivered,” Thompson said.
Prices and sales rebound in October
With market confidence restored, Auckland’s median home price rose to $955,000 in October, a 2.2% increase from September, breaking a three-month decline.
The average price also climbed, reaching $1,129,950, up 4.5% from the previous month and 2.2% above the three-month average.
October’s total sales reached 969, a slight 1.7% drop from September but 14.5% higher than the same month last year.
Buyers in the more affordable segment, under $750,000, accounted for 23% of sales, while those in the $2 million-plus range made up 7%.
Record new listings add to buyer choices
October saw a notable surge in listings, with 2,361 new properties coming to market – the highest monthly total in nearly three years.
By month’s end, Barfoot & Thompson reported 5,611 properties available, providing an extensive selection for buyers.
“The increased confidence in the housing market attracted a record number of additional listings from vendors,” Thompson said, adding that the high inventory could help moderate rapid price growth.
Regional markets show signs of life
While rural and lifestyle markets outside Auckland responded more slowly to economic improvements, local sales agents are noting a “whole new market” compared to last year.
In particular, the Franklin Manukau area showed strong activity among buyers and vendors alike, with new listings up 29% compared to last October.
With economic optimism, ample listings, and steady demand, Auckland’s housing market is poised for a stable finish to the year.
Read the Barfoot & Thompson article here.
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