The dormant Auckland residential property market awoke in October, with higher sales, selling prices and new listings.“In comparison with where the market has been for the past 9 months, October trading was extremely active,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“Spring arrived, and the market came alive.
“The average sales price for the month at $937,277 was the highest this year and up 1.5 percent on the average for the previous three months.“The same trend is there with the median price, which at $860,000 for the month was also the highest it has been this year (along with that for March) and 3.9 percent higher than the average for the previous 3 months.
“In part the increase can be attributed to the traditional upturn that comes with spring, but there was also a new found confidence that prices were not going to retreat.
Buyers put aside their concerns of the past few months and made the decision to move ahead with their buying intentions.
“Sales numbers for the month at 884 was the highest in October for three years, and close to a quarter higher than last month and close to 40% higher than for the same month last year.
“Available property for sale also reached the highest it has been for the past 6 years with total listings at month end reaching 4848, and new listings for the month hitting 2046, the highest in a month for 19 months.
“Sales of property were sound across all price segments, with 11 percent of sales being for under $500,000, 32 percent between $1 million and $2 million and nearly 5 percent being for over $2million.
“The revival of the Auckland housing market is not a signal that the market is ready for another burst of rising prices.
“What it does signal is that residential property is set for strong trading through to Christmas.
“Contrastingly, the rural and lifestyle market experienced a quiet month’s trading.
“Prices remained steady with strong listing numbers, particularly in Orewa and Pukekohe.”