Auckland house prices charted a record high again in March, with those selling for more than $1 million accounting for 41 per cent of sales in the month, says realtor Barfoot & Thompson.

The average sale price rose 2.5 per cent in March from February to $968,570 and was 4.8 per cent above the average price in the previous three months, Barfoot said.

The average price is about 12 per cent higher than in March 2016. Monthly sales almost doubled to 1110 from 529 in February but were down from 1341 in March last year.

Barfoot’s monthly figures come after the release on Wednesday of the latest QV House Price Index from government-owned Quotable Value showing that while national property values increased on average by 12.9 per cent over the year to March 31, the increase in the last three months was just 0.6 per cent.

Auckland house prices fell on average by 0.2 per cent in the first three months of this year for a 12.3 per cent annual increase and QV said the appearance of slowing house price inflation as a result of tougher loan-to-valuation restrictions may only be temporary in the city’s overheated property market.

“During the last quarter of 2016 the rate at which Auckland house prices were increasing slowed markedly, and this situation has continued into the first quarter of this year,” said Barfoot managing director Peter Thompson.

“Traditionally March is the high point for prices in the first half of the year.”

Barfoot said 67 property sales, or 6 per cent of the total, were for in excess of $2 million, while 99 properties, or 8.9 per cent of the total, sold for less than $500,00.


By Jonathan Underhill