Despite the number of homes on the Auckland residential property market increasing to their highest number in more than five years in October, the average and median selling prices for the month remained firmly fixed.
The average selling price for October at $910,537 was down 0.9 percent on the average price for the previous three months while the median price at $830,000 was the same as the average median price for the previous three months.
“The Auckland housing market has been unfazed by the political change that has occurred,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“There was definitely downward pressure on prices, and this can be seen in the small variations in October’s prices when compared with the average and median prices for September, and October last year. However, when looked at within the bigger picture of the last three months, the market has not changed with prices remaining stable."
“There has been no panic selling, any hopes of post election price increases have evaporated, the new Government has done no more than confirm its pre-election commitments and buyers are still being cautious making purchase decisions. The biggest market change post election is that new listings at 1733 for October have lifted substantially, and was the highest since May. Sales numbers during the month remained subdued, and at 634 were at their lowest since February, and were the lowest in an October for seven years. The longer than normal time lag between election night and the formation of the new Government contributed to sales numbers remaining low during the month."
“The combination of high listings and low sales saw the number of listings at month end reaching 4451, the highest it has been for more than 5 years. The market is now well set for an active run in to year end. Clarity is returning, and we have now entered what is traditionally the strongest sales period of the year. During October, 60 properties, or 9.7 percent of all properties, sold for under $500,000 while 225, or a third, sold for under $750,000. This was a similar number (211) to those that sold for more than $1 million. Rural and lifestyle sales activity to the north and south of Auckland mirrored what occurred within the city limits. Buyer interest was strong but cautious, and new listings increased. “