In a break with tradition, both the average and median sales price for Auckland homes in January held on to the prices being paid for property in December.
“January is normally associated with a dip in prices but for the first time in 14 years the average and median prices paid were marginally higher than those in December,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“They remained rock steady with the prices being achieved at the end of last year.
“At the same time sales numbers fell more than is usual, new listings were healthy and choice increased to its best level in a January for three years.
“The average sales price for the month was $913,938 and the median price $846,500. These prices reverse a three-month sales-price decline from the all-time highs set in October 2016.
“It gives us a price start point for the year at the same level as it was in December. That has not occurred in the records since 2003.
“Caution should be used in trying to read too much or future trends into sales data for January. The market is still regaining momentum from the holiday break and it can lead to statistical anomalies.
“A contributing factor to January’s average and median prices tracking those for December is that this year 31.2 percent of all the homes sold in January were for in excess of $1 million. This is a higher percentage than normally seen in January sales.
“What has come through across all price segments is there were no obvious signs prices were under great pressure to fall.
“At the start of this year buyers enjoyed greater choice than has been the case at this time of the year for four years.
“Sales numbers in January at 629 were their lowest in any month for five years while new listings at 1142 ensured choice remained high.
“At the end of the month we had 3620 properties on our books.
“During the month 79 properties, or 12.5 percent of sales, were for under $500,000.
“Sales of rural and lifestyle property in January mirrored that for residential houses with 49 properties sold. Prices achieved remained in line with those being paid in December with a high level of new listings coming to market.