It has seen an uptick in terms of prices and sales numbers
The Auckland residential property market remains active amid the COVID-19 pandemic, experiencing five months of sustained month-on-month growth in terms of prices and sales numbers, according to Barfoot & Thompson.
The firm revealed that the average and median prices paid in November hit new records, and sales in the same month were the highest they had been for over five years.
In November, Barfoot & Thompson sold 1,551 homes at an average price of $1,055,971 and a median price of $974,000.
“Only once before – in March 2015 – have we sold 1,500 homes in a calendar month. The average price at which homes are now selling, compared to June’s average when the market found new momentum, is 10.8%. The increase in the median price is 7%,” said Peter Thompson, the managing director of Barfoot & Thompson.
“At the start of the year, $1 million homes represented about a third of our total sales, but for the last two months, they have represented just under half of all sales. And for the second consecutive month, we sold more than 100 homes for more than $2 million.
“The prices being achieved are bringing more vendors into the market, and, in November, we listed 2,335 new properties, the highest in a month ever.”
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Thompson said Auckland home buyers were not put off by record sales prices in the region.
“Buyers are not being deterred by current prices or concerns about whether residential property will hold its value in the months ahead. Buyers are convinced that the time is right to buy, and if they have the support of their bank and can meet the repayments, then they are prepared to commit,” he said.
“The Auckland market has now experienced five months of sustained month-on-month growth in terms of prices and sales numbers. The market is as busy now as it was at the height of the last major buying cycle between 2013 and 2016.”
