Uncertainty Affects Auckland Property Sales Numbers But Not Prices
The Auckland property market continued to be plagued by uncertainty around prices during April and although this impacted on the number of sales made, prices of those properties that did sell remained rock solid.
“In addition to the uncertainty the shadow of a potential capital gains tax threw over April sales activity, the market also had to contend with an exceptionally long holiday break created by Easter and Anzac Day being so close,” said Barfoot & Thompson Director, Kiri Barfoot.
“They were a powerful combination that hit sales activity with the agency selling 667 properties. Although this number was in line with sales numbers in April last year it represented a significant dip on March’s 963 sales.
“However, the prices paid for property moved in a narrow band, with the average sales price being $928,330 and the median sales price $830,000.“These prices are right in line with prices last month, the average for those for the previous three months and with April last year.
“There are no signals suggesting prices might make a major retreat.
“The key to selling or buying in the current market is buyers and sellers being realistic.
“The slow market is not deterring owners listing, and during the month we listed 1,192 new properties and at month’s end we had 4,684 properties on our books, the same number as at the end of April last year.
“While uncertainty around prices is affecting overall sales numbers, it is not having an undue effect on any one price segment.
“Of the sales made during the month, 38 percent were for properties under $750,000, 30 percent for properties ranging in price from $750,000 up to $1 million and 32 percent for properties selling for more than $1 million.
“Rural and lifestyle property sales were higher in terms of sales numbers and prices than for the same month last year but were still lower than those achieved in March.
“In Franklin lifestyle properties around the $1 million mark attracted most buyer attention.
“Around Whangarei and Kerikeri demand from buyers was for horticulture land and small lifestyle blocks.”
Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.