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The average price of homes sold in Auckland, New Zealand, reached a record high last month, according to the latest published figures. There are signs that prices and sales activity in the Auckland residential housing market will lift after the forthcoming general election, says agents Barfoot & Thompson. This comes as the average house sales price in the city reached £738,876, the highest on record, some $13,000 up on the previous highest average price established in March this year, and up 3.8% on the previous month’s average price. ‘The sales data shows the high average price was the result of a relatively modest number of homes being sold, of which a high number sold for in excess of $1 million. Of the 959 homes sold, 164 or 17.1% were for in excess of $1 million,’ said Peter Thompson, managing director of Barfoot & Thompson. ‘Properties in the higher price range are less affected by the uncertainties that exist during a run in to a general election, and with such a high number of sales at the high end, the average price has lifted more than might be the case in a normal month’s trading,’ he added. He pointed out that in contrast, September’s median price at $635,000, is up less than 1% on that for August, and is more in line with the median price over the past four months. ‘Without doubt, the election’s influence can be seen in September’s sales numbers. However, what can also be seen in the month’s figures is that housing activity was starting to lift during September, and normal spring trading can be expected now the election is behind us,’ said Thompson. The data also shows that new listings, at 1,314 for the month, were already starting to build and were up 16.4% on listings during August and only 5.9% down on July’s 1,396 new listings. ‘One factor which has the potential to put pressure on sales prices in the short term is the low number of listings at month end. At 3,075 listings, this is the lowest number this year and the lowest at the end of a September for more than a decade, and means that at the start of the month choice is extremely limited,’ explained Thompson. He said it may take another month for the new listing pipeline to build and added that sales of property for under $500,000 held up during September, accounting for 30.1% of all sales. Continue reading →

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