Auckland Housing Market Sales Hit 15-year high

Friday, September 4th, 2015
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Auckland house sales have jumped to an August record as a flood of new listings hit the market, while average prices fell in the month, according to Barfoot & Thompson.

The city’s biggest realtor sold 1,314 houses last month, the most for an August month in 15 years, and 45 per cent higher than a year earlier.

Barfoot had 2,123 new listings in the month, 88 per cent more than a year earlier, and the highest monthly number in more than 10 years.

Still, the realtor only had 2,957 houses on its books at the end of the month, 5.5 per cent more than a month earlier, and 8.3 per cent below August 2014, on the heightened turnover.

“August can be a slow month for sales, but this year it was the third busiest sales month for 16 months,” managing director Peter Thompson said.

Barfoot figures show the average house sale price slipped 0.8 per cent to $827,359 in August, though were still 15 per cent higher than a year earlier. The median price slipped 0.3 per cent to $757,000 for a 20 per cent annual gain.

Mr Thompson said winter typically contributes to the decline in prices, and as spring stokes activity, low mortgage rates, a growing population, and the supply shortage will continue to push up prices.

“The most likely scenario is that prices will increase modestly in coming months from where they are at present,” he said.

Quotable Value data this week showed national property values rose at their fastest annual pace in eight years in August, underpinned by Auckland.


By Paul McBeth
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