Auckland real estate agency Barfoot & Thompson lifted its residential sales in November, but both the average & median prices fell compared to the previous 3 months & November last year.
The 757 sales were up by 123 on October but down from 947 a year ago.
The average sale price of $913,244 was up $2700 from October but down $20,000 compared to a year ago.
The median sale price of $830,000 was $500 short of the October figure and $35,000 down compared to a year ago.
For agency director Kiri Barfoot, the lift in sales was a sign of the market stirring after a 2-month hibernation: “They were small signs, but it indicates the Auckland market is holding firm and buyers are returning. There are certainly no signs of a general market retreat,” she said yesterday.
“At 757 sales in the month, we had the highest number of monthly sales since August, and November’s sales were 9.7% higher than the average sales number for the previous 3 months.
“Both the average price at $913,244, and the median price at $830,000 were right in line with what we have been achieving over the previous 3 months.
“While those numbers are down on their equivalents in November last year, that was a time when the market was close to reaching its peak. This November’s trading is a sure sign that at current values buyers are returning to the market.
“New listings are continuing to reach the market, and during the month we listed 1955 properties, a third higher than the average over the previous 3 months. It brought the number of properties at month end to 4838, the highest number we have had in more than 5 years. There are now a quarter more properties on the market than at the same time last year.
“At the high end of the market, buyers are still seeing value in property at current prices, with a significant rebound in the number of properties sold for in excess of $1 million. In the month we sold 55 properties for in excess of $2 million and a further 262 for in excess of $1 million, the highest number of high-end property sales since May.
“Even during the height of activity in 2016, sales of 55 properties for in excess of $2 million would have been regarded as an excellent month.
“A similar pattern of activity was evident in the lifestyle & rural sectors, with sound sales numbers in Mangawhai & Wellsford in the north and in Pukekohe & Papakura to the south. Properties valued in excess of $2 million attracted strong interest.
“We sold 62 rural & lifestyle properties in November, the highest in a month since March, and during the month at a Pukekohe lifestyle property auction 50% of the properties sold on an unconditional basis.
“Interest from local developers & land bankers is returning, but there is still a degree of hesitancy as they await a clearer understanding of future Government policy.”
Attribution: Agency release.