Auckland’s housing market shifts again

Barfoot & Thompson, one of the biggest realtors in New Zealand, has said that Auckland’s housing market has started moving again in July.

According to the realtor, there was a “modest but definite” shift in the housing market last month when property prices fell and sales numbers rose.

“The modest fall in both average and median prices in the month was enough to unlock sales numbers, with July sales being their highest in the month of July for three years,” said Peter Thompson, managing director at Barfoot & Thompson.

Thompson added that sales had been more subdued in the previous three months as prices tend to edge higher.

“In July, the fall in prices compared to the average for the previous three months was relatively small in the case of the average price at $919,648, down $12,000, but more significant in the case of the median price at $800,500, down $41,000,” he said.

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Barfoot’s sales totalled 879 in July – 11.8 more than in June, 16% ahead of the average of the last three months, and 5.9% ahead of July last year. About 28% of the company’s sales were of properties worth between $1 million and $2 million, which made up a third of total sales.

The realtor’s new listings at 1,154 last month were also up 14% from June and 9.2% from July last year. At the end of the month, it had 3,864 properties on its books – the lowest number for sale it has had in the past 17 months.

“It is a positive sign that the Auckland market is getting through the traditional winter downturn in better shape than in the previous two years. With buyers re-entering the market, now represents a good time for those considering to sell their property to list,” said Thompson.