Auckland housing prices surpass $1m as sales hit eight-month high
November marked a significant shift for Auckland’s housing market as both sales volumes and prices increased, signaling renewed activity.
Barfoot & Thompson’s Managing Director Peter Thompson (pictured right) described the month as a turning point for the long-awaited market recovery.
“Sales for the month at 1,002 were up 6% on our average monthly sales for the previous three months,” Thompson. “It was the first time in eight months that our sales have exceeded 1,000.”
Prices cross the $1 million threshold
The median property price in Auckland rose to $1,011,000, climbing above the $1 million mark for the first time in five months.
This represents a 6.8% increase compared to the previous three months’ average. The average sale price also grew, reaching $1,132,795, a 2.4% rise over the same period.
“This lift in sales and prices will add to the growing confidence homeowners and buyers have that the worst is over for the housing market,” Thompson said.
Favourable economic conditions support growth
The rebound in the housing market is bolstered by positive economic indicators. Falling mortgage interest rates, declining inflation, and expectations of an economic recovery are encouraging buyer activity.
Barfoot & Thompson’s stock levels reached a decade-high in November, with 5,711 properties listed, an 8.3% increase compared to the previous three months’ average and 18% higher than the same period last year.
Market momentum continues
Buyers were active across all price brackets, with nearly 20% of sales below $750,000 and 6.2% exceeding $2 million.
Rural and lifestyle properties saw increased interest, although longer sales processes in these segments slowed completions.
“November’s strong trading has set the market up for an active summer, but high stock levels will likely contribute to restrained price increases,” Thompson said.
Auckland’s housing market appears poised for a stronger 2024 as buyer confidence grows and market conditions stabilise, Barfoot & Thompson reported.
Read more about Barfoot & Thompson’s housing market update here. Compare the latest figures with the previous results here.
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