The Auckland residential property market rebounded in March, with sales numbers in the month being their highest for 12 months and with the average and median prices edging higher.
“March sales figures are always strong compared to the holiday affected trading figures of January and February,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“It is no surprise therefore that March sales numbers and prices are significantly higher than in the first two months of the year.
“What the sales figures underline, however, is that prices remain rock steady and that buyers have re-entered the market.
“The average sales price for March was $931,292, up 1.3 percent on February’s average, but still down 3.8 percent on that for March last year.
“The median sales price at $860,000 was up 4.9 percent on that for February, but also down (by 4.4 percent) on that for March last year.
“The most significant figure was the number of sales, which at 1064, was the highest number of sales in a month since March last year, and also the first time for 12 months that monthly sales have been above 1000.
“While positive, March figures cannot be read as the start of a new cycle of price increases. However, they do demonstrate that buyers are prepared to meet current prices.
“Property sales in the month were spread evenly across all price categories, with 11 percent of sales being for properties that sold for under $500,000.
“396 properties sold for more than $1 million (37.2 percent of all sales) with 78 of them, or 7.3 percent of all sales, being for in excess of $2 million.
“New listings during the month at 1689 were solid, although lower than in February and March last year.
“Available listings at month end at 4814 were at their highest in four months.
“Except for in November of last year, currently available choice in terms of houses for sale in Auckland is at its highest for five years.
“Sales of rural and lifestyle properties also lifted significantly in March, with 62 sales for a total sales value of more than $80 million.
“Rural subdivisible land remains in demand and sales of bare land in the Mangawhai area remains steady.
“A good level of new listings recently is giving potential buyers in the rural and lifestyle market greater choice.
“The prices at which sales are being made is contributing to the gap between vendor expectations and what buyers want to pay narrowing.”