Year-end recovery in Auckland's housing market
The Auckland housing market closed 2024 with a sustained recovery in housing prices, overcoming earlier fluctuations.
According to Peter Thompson (pictured above), managing director of Barfoot & Thompson, “Sales numbers in December remained solid and prices remained positive,” indicating a resilient market despite ongoing economic challenges.
December performance highlights
December witnessed a median sales price of $1 million, slightly down from November by $11,000 but up by 3.4% compared to the average of the previous three months.
The average sales price saw a more substantial increase, reaching $1,186,462, which represents a 4.7% rise from November and a 6.4% increase over the past quarter.
These figures show improvement from the lows experienced in early 2024, reflecting a partial recovery from the peak prices of 2021.
Auckland’s annual market trends
The Auckland housing market showed varied dynamics over the year. While the average price saw an annual increase of 4.4%, the median price slightly declined by 0.1%, indicating stability in market pricing through fluctuating conditions.
Total sales for December dropped compared to November, a usual trend for year-end, yet they were significantly higher by 17.1% compared to December of the previous year.
Sales and listings dynamics
Barfoot & Thompson reported 833 property sales in December, marking a robust year-over-year growth of 17.2% in sales numbers.
Despite a slight drop in the annual median price to $987,000, the average price for the year showed an increase to $1,152,000.
December also saw 780 new listings, bringing the total available listings to 5,094 by year-end, the lowest in 11 months but still 13% higher than typical year-end figures over the past two years.
High-end market resilience and rural surge
The high-end segments of the market ($2 million to $3m, and $3m plus) remained unaffected by economic factors, with sales even surpassing those in 2023.
Meanwhile, the rural and lifestyle sectors around Auckland experienced a surge in activity, with December sales in these markets hitting the highest dollar value in over two and a half years, nearly doubling the figures from November.
This uptick was facilitated by the lower mortgage interest rates introduced in the final quarter of 2024, alongside the traditionally longer negotiation periods for rural and lifestyle properties, Barfoot & Thompson reported.
Looking ahead
As the Auckland housing market steps into 2025, the strong finish in 2024 provides a hopeful outlook despite the potential economic uncertainties ahead.
The market’s resilience, bolstered by falling mortgage rates and a surge in rural and lifestyle property sales, suggests a robust foundation for continued stability and growth.
Read the Barfoot & Thompson report here.
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