Greater sales activity returned to the Auckland property market in February while prices eased back on those being achieved for the previous three months.
“Caution as to which direction the market is likely to take eased in February,” said Peter Thompson, Managing Director, Barfoot & Thompson.
“There is a growing acceptance that where prices are at presently is likely to be the benchmark for the remainder of the summer/autumn sales season.
“Sales numbers were up, there was strong growth in new listings while prices, although softening a little on the previous three months, were stable.
“Combined with the relatively high number of properties on the market, the current stable conditions make it a good time to be looking to buy.
“Sales numbers for the month at 665 were up 12.1 percent on those for January, and were up 19.6 percent on those for the previous February.
“The average sales price at $919,454 was down 1.6 percent on that for January, and down 1.1 percent on the average price for the previous three months.
“A feature of February’s trading was the relatively high number of sales of properties valued at under $500,000,
“At 127 sales they accounted for 19.1 percent of all sales, a significant increase on the 8 percent of sales in January.
“This also influenced the median price, which at $820,000 for the month, was down 1.2 percent on January’s median price.
“Many of the under $500,000 sales took place in central south Auckland, and on the northern, western and southern fringes of the metropolitan area.
“Sales of properties for in excess of $2 million (at 22) and those for more than $1 million (a further 185) were in line with those for the same period last year.
“New listings for the month at 1747 were up 45.6 percent on those for January and up 40.7 percent on the average number for the previous three months.
“New listings being nearly three times greater than sales in the month resulted in a healthy level of available properties at month end.
“At 4648 this is the highest available listings have been since November, and 4.7 percent higher than the average level for the previous three months.
“The rural and lifestyle markets are experiencing similar trading conditions to those in the residential market.
“Buyers interest is strong throughout the region but there is caution as to whether prices have settled.
“Those sales that are being made are at prices consistent with those paid in the last quarter of 2017.”