PHOTO: Barfoot & Thompson – November 2024 sales. SUPPLIED
November 2024 Housing Market Update
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| November 2024 | 1,002 properties | $1,135,060,631 |
| November 2023 | 956 properties | $1,161,122,398 |
| 12 months to November 2024 | 10,103 properties | $11,620,704,160 |
| 12 months to November 2023 | 8,273 properties | $9,116,480,408 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
Long-awaited lift for Auckland housing market arrives
The anticipated resurgence in Auckland’s property market occurred in November with prices and sales numbers increasing.
“The long-awaited return of strong trading finally arrived in November,” said Peter Thompson, Barfoot & Thompson’s Managing Director.
“Sales for the month at 1,002 were up 6 percent on our average monthly sales for the previous three months, and it was the first time in eight months that our sales have exceeded 1,000.
“Prices were also up, with the median price at $1,011,000 pushing above the $1 million mark for the first time in five months. The median price was 6.8 percent above the average price for the previous three months.
“The average price at $1,132,795 was 2.4 percent above that for the previous three months.
“This lift in sales and prices will add to the growing confidence homeowners and buyers have that the worst is over for the housing market, and that stability is returning.
“The continued outlook for falling mortgage interest rates, a declining rate of inflation and expectations that the economy is edging towards recovery are all contributing to the resurgence in housing activity.
“Market choice for buyers remains at a decade-high level.
“We listed an additional 1,782 properties in November, lifting our month-end stock levels to 5,711. This is 8.3 percent higher than where the average has been for the past three months and 18 percent higher than at this time last year.
“While November’s strong trading has set the market up for an active summer’s trading, high stock levels will likely contribute to price increases being restrained.
“Buyers were active across all price segments in November, with 19.6 percent of sales being for less than $750,000 and 6.2 percent of sales being for more than $2 million.
“While buyer interest increased markedly in the Rural and Lifestyle markets to the north, south and west of Auckland in November the longer sales process common in these markets creates a longer time lag in sales completion than urban sales. Sales activity in November at $43.1 million was in line with where sales were at this time last year.”
| November | Previous Month | Previous 3 Month Average | November 2023 |
|---|---|---|---|
| Average Price $1,132,795 |
$1,129,950 +0.3% |
$1,106,352 +2.4% |
$1,185,820 -4.5% |
| Median Price $1,011,000 |
$955,000 +5.9% |
$947,000 +6.8% |
$1,018,000 -0.7% |
| Sales 1,002 |
969 +3.4% |
948 +6% |
956 +4.8% |
| New Listings 1,782 |
2,361 -25.4% |
1,792 -0.6% |
1,841 -3.2% |
| Month-End Stock 5,711 |
5,611 +1.8% |
5,271 +8.3% |
4,841 +18% |
Suburb breakdown
Auckland average
| Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield | |
|---|---|---|---|
| Auckland | $1,008,591 | $690 | 3.56% |
Central Auckland
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Auckland Central$ | $1,228,333 | $1,057 | 4.47% |
Central Auckland East
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Epsom | $1,553,333 | $824 | 2.76% |
| Greenlane | $1,330,450 | $772 | 3.02% |
| Hillsborough | $1,032,583 | $716 | 3.61% |
| Lynfield | $1,104,228 | $677 | 3.19% |
| Mount Eden | $1,567,989 | $796 | 2.64% |
| Mount Roskill | $991,267 | $678 | 3.56% |
| New Windsor | $1,134,429 | $653 | 2.99% |
| One Tree Hill | $1,091,400 | $729 | 3.48% |
| Onehunga | $1,160,845 | $713 | 3.19% |
| Royal Oak | $833,000 | $756 | 4.72% |
| Sandringham | $1,213,000 | $721 | 3.09% |
| Three Kings | $1,010,000 | $798 | 4.11% |
Central Auckland West
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Grey Lynn | $1,731,100 | $874 | 2.62% |
| Kingsland | $1,375,833 | $790 | 2.99% |
| Mount Albert | $1,255,944 | $678 | 2.81% |
| Ponsonby | $1,713,375 | $998 | 3.03% |
| Waterview | $1,061,375 | $703 | 3.44% |
Eastern Suburbs
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Ellerslie | $1,008,667 | $741 | 3.82% |
| Glen Innes | $1,293,667 | $683 | 2.74% |
| Glendowie | $1,421,300 | $816 | 2.99% |
| Kohimarama | $1,769,333 | $899 | 2.64% |
| Meadowbank | $1,895,600 | $830 | 2.28% |
| Mission Bay | $1,503,333 | $840 | 2.91% |
| Mount Wellington | $936,071 | $680 | 3.78% |
| Newmarket | $1,138,333 | $849 | 3.88% |
| Orakei | $1,743,333 | $879 | 2.62% |
| Panmure | $1,008,857 | $646 | 3.33% |
| Parnell | $727,011 | $839 | 6.00% |
| Point England | $1,081,857 | $687 | 3.30% |
| Remuera | $1,707,144 | $837 | 2.55% |
| Saint Heliers | $1,578,526 | $892 | 2.94% |
| Saint Johns | $996,667 | $790 | 4.12% |
| Stonefields | $1,421,250 | $870 | 3.18% |
Franklin/Manukau Rural
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Pokeno | $970,167 | $681 | 3.65% |
| Pukekohe | $795,943 | $595 | 3.88% |
| Tuakau | $831,200 | $564 | 3.53% |
| Waiuku | $756,352 | $566 | 3.89% |
North Shore
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Albany | $1,003,583 | $719 | 3.73% |
| Bayview | $885,450 | $664 | 3.90% |
| Beach Haven | $947,481 | $641 | 3.52% |
| Birkdale | $1,150,186 | $642 | 2.90% |
| Birkenhead | $845,750 | $693 | 4.26% |
| Browns Bay | $1,074,338 | $709 | 3.43% |
| Devonport | $1,836,556 | $865 | 2.45% |
| Forrest Hill | $1,139,405 | $727 | 3.32% |
| Glenfield | $1,024,280 | $661 | 3.36% |
| Greenhithe | $1,127,417 | $807 | 3.72% |
| Hillcrest | $1,183,654 | $710 | 3.12% |
| Long Bay | $1,173,000 | $830 | 3.68% |
| Mairangi Bay | $1,351,400 | $772 | 2.97% |
| Milford | $1,314,375 | $755 | 2.99% |
| Murrays Bay | $1,621,500 | $743 | 2.38% |
| Northcote | $876,667 | $688 | 4.08% |
| Northcote Point | $1,305,250 | $859 | 3.42% |
| Oteha | $952,200 | $753 | 4.11% |
| Pinehill | $1,043,667 | $765 | 3.81% |
| Rothesay Bay | $1,625,167 | $804 | 2.57% |
| Sunnynook | $1,063,182 | $665 | 3.25% |
| Takapuna | $1,402,760 | $799 | 2.96% |
| Torbay | $1,106,825 | $697 | 3.27% |
| Totara Vale | $922,875 | $670 | 3.77% |
| Unsworth Heights | $1,056,667 | $692 | 3.41% |
Pakuranga/Howick
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Beachlands | $1,252,667 | $759 | 3.15% |
| Botany Downs | $1,231,615 | $693 | 2.93% |
| Bucklands Beach | $1,546,321 | $704 | 2.37% |
| Dannemora | $1,401,667 | $736 | 2.73% |
| East Tamaki Heights | $1,270,400 | $720 | 2.95% |
| Farm Cove | $1,579,000 | $675 | 2.22% |
| Flat Bush | $858,092 | $702 | 4.26% |
| Half Moon Bay | $1,277,652 | $688 | 2.80% |
| Highland Park | $955,100 | $650 | 3.54% |
| Howick | $993,479 | $681 | 3.56% |
| Maraetai | $1,580,000 | $663 | 2.18% |
| Northpark | $1,170,125 | $721 | 3.20% |
| Pakuranga | $1,163,000 | $655 | 2.93% |
| Pakuranga Heights | $1,121,274 | $645 | 2.99% |
| Somerville | $1,066,667 | $716 | 3.49% |
| Sunnyhills | $1,180,393 | $703 | 3.10% |
Rodney
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Gulf Harbour | $1,017,417 | $664 | 3.40% |
| Hatfields Beach | $873,333 | $635 | 3.78% |
| Helensville | $895,472 | $600 | 3.48% |
| Huapai | $990,000 | $697 | 3.66% |
| Kumeu | $1,787,350 | $646 | 1.88% |
| Manly | $1,132,000 | $673 | 3.09% |
| Milldale | $987,444 | $745 | 3.92% |
| Millwater | $1,003,333 | $752 | 3.90% |
| Orewa | $1,001,648 | $680 | 3.53% |
| Red Beach | $1,007,750 | $679 | 3.50% |
| Silverdale | $806,000 | $720 | 4.65% |
| Stanmore Bay | $853,164 | $646 | 3.94% |
| Waimauku | $955,000 | $646 | 3.52% |
| Warkwor$th | $843,833 | $634 | 3.90% |
South Auckland
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Clendon Park | $681,417 | $613 | 4.68% |
| Clover Park | $784,833 | $625 | 4.14% |
| Drury | $1,290,000 | $708 | 2.85% |
| East Tamaki | $1,104,688 | $704 | 3.31% |
| Favona | $784,286 | $644 | 4.27% |
| Goodwood Heights | $832,125 | $693 | 4.33% |
| Karaka | $714,960 | $674 | 4.90% |
| Mangere | $783,154 | $609 | 4.04% |
| Mangere Bridge | $833,333 | $672 | 4.19% |
| Mangere East | $825,446 | $637 | 4.01% |
| Manurewa | $788,420 | $626 | 4.13% |
| Manurewa East | $1,098,500 | $674 | 3.19% |
| Opaheke | $868,000 | $633 | 3.79% |
| Otahuhu | $1,017,413 | $627 | 3.20% |
| Otara | $714,417 | $593 | 4.31% |
| Pahurehure | $912,643 | $699 | 3.98% |
| Papakura | $753,900 | $638 | 4.40% |
| Papatoetoe | $967,247 | $658 | 3.54% |
| Randwick Park | $724,659 | $616 | 4.42% |
| Red Hill | $885,165 | $667 | 3.92% |
| Rosehill | $843,600 | $655 | 4.04% |
| Takanini | $775,332 | $655 | 4.39% |
| The Gardens | $1,053,941 | $724 | 3.57% |
| Wattle Downs | $857,083 | $636 | 3.86% |
| Weymouth | $749,802 | $655 | 4.54% |
West Auckland
| Suburb | Average sale price (3 bedroom) | Average rent per week (3 bedroom) | Gross yield |
|---|---|---|---|
| Avondale | $921,671 | $670 | 3.78% |
| Blockhouse Bay | $1,084,214 | $680 | 3.26% |
| Glen Eden | $850,478 | $619 | 3.78% |
| Glendene | $860,446 | $619 | 3.74% |
| Green Bay | $1,247,833 | $659 | 2.75% |
| Henderson | $830,051 | $621 | 3.89% |
| Hobsonville | $986,372 | $739 | 3.89% |
| Kelston | $782,700 | $631 | 4.20% |
| Massey | $856,898 | $622 | 3.78% |
| New Lynn | $847,241 | $639 | 3.92% |
| Ranui | $746,963 | $593 | 4.13% |
| Sunnyvale | $829,938 | $623 | 3.90% |
| Swanson | $833,600 | $670 | 4.18% |
| Te Atatu Peninsula | $971,954 | $645 | 3.45% |
| Te Atatu South | $812,709 | $650 | 4.16% |
| Titirangi | $1,007,713 | $651 | 3.36% |
| West Harbour | $1,006,696 | $644 | 3.33% |
| Westgate | $861,125 | $716 | 4.32% |
| Whenuapai | $1,079,750 | $698 | 3.36% |
Source: Barfoot & Thompson analysis of its tenancies as of 30 November 2024 and its sales over the last six months for three-bedroom properties. Gross yield calculated using average sales price and average rental per week for three-bedroom properties. Suburbs with less than four tenancies or four sales for three-bedroom properties with Barfoot & Thompson are not included.
SOURCE: Barfoot & Thompson