The start of spring has seen committed buyers re-enter the Auckland residential property market with sales for September being their highest in the month for four years.
“It was a great start to the spring buying season,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“Buyers were committed, and there was a general feeling that now was the time to act before prices started to increase.
“We sold 1032 homes in the month, a 13.8 percent increase over the number we have sold on average over the previous three months.
“It is the first time we have sold more than 1000 homes in the month of September for four years and is only 60 homes less than we sold during September 2020 when the market was heading towards its peak.
“Buyers were conscious that prices have remained stable since the start of the year and that this settled pattern may not last for much longer.
“The median sales price for the month was $930,000, the lowest it has been for four months, down 2.1 percent on August’s price while the average price was $1,089,686, down 0.8 percent on that a month previously.
“A positive aspect about the month's prices is that the average price was 0.8 percent higher than its equivalent in September last year and the median price was only 0.5 percent lower than its equivalent last year.
“The four-year trend, when the monthly median and average prices failed to reach the previous year’s equivalent, may be ending.
“Property in the under $750,000 price category continued to sell well in September, accounting for 26.5 percent (or 273) of all the homes we sold in the month. Homes in this price category are proving particularly appealing to first-time buyers and investors.
“A combination of new builds and existing homes saw new listings for the month reach 1781, which was excellent for early spring and brought the end-of-month stock level to 5775.
“September was a quiet month for sales in the above $3 million price category, with 12 sales.
“The spring effect was also felt in the rural and lifestyle market with September sales reaching $73 million, the highest September sales for five years and our second highest monthly sales figure this year.”
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