Real estate agency identifies a factor contributing to the increase in sales
The Auckland property market continues to thrive despite the impacts of the COVID-19 lockdown, boasting its most robust sales performance in July for five years.
The latest data by Barfoot & Thompson revealed 1,095 properties sold in Auckland, the level of sales commonly seen at the height of the summer sales season and one property less than those sold in March before the lockdown.
Peter Thompson, the managing director of Barfoot & Thompson, commented that Auckland had seen strong demand last month.
“In July, buyers put aside any apprehensions they may have about future market values and committed. Normally, as we approach a general election, the market goes a little quiet as buyers take a ‘wait and see’ approach, but even this event is not holding back activity,” Thompson said.
“We have not sold this many properties in a July since 2015,” he continued. “The average sales price at $979,189 is the second-highest on record and is 2.7% up on that for last month and 6.5% ahead of that for July last year.”
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The increase in the number of sales could be driven by new listings, which at 1,518 were close to a third higher than at the same period last year, said Thompson.
“Sales numbers were strong across all price categories. Sales of homes for under $500,000 accounted for 9.9% of all sales, those for more than $2 million accounted for 4.7%, and those for between $1 million and $2 million 34.6%,” Thompson continued.
“At month end, we had 3,873 listings on our books. Although this is down 3.2% on those for the previous month, they are in line with where listings were at the same time last year and give buyers a reasonable choice.”
