Auckland property listings drop 75 percent in April

PHOTO: Barfoot & Thompson’s Auckland listings were less than a quarter of the expected level. Photo credit: Getty.

Auckland real estate sales figures for April point to a jump in properties selling at the lower-end of the market, including apartments.

Property data released by real estate agency Barfoot and Thompson showed slim pickings for Auckland property buyers in April, with listings around 75 percent down on usual numbers. With open homes off the table, virtual-only viewings (and contactless appointments from April 28) meant fewer sales, which were skewed towards first homes, including apartments.

Managing director Peter Thompson, said that although April sales were half those of March (552 sales), the results don’t yet reflect the impact of COVID-19 lockdown. Average and median sales values dropped due to more buyer activity on lower-priced homes, with more $1m plus homes staying on the market.

Auckland real estate sales figures for April point to a jump in properties selling at the lower-end of the market, including apartments.

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“In April we listed 239 properties for sale, less than a quarter of the number we would anticipate listing at this time of the year,” Thompson said.

“Forty percent of all sales were for properties in the under $500,000 price category, while property that sold for $1 million and above accounted for a quarter of sales (normally a third).”

He said that while listings were down to under a quarter and sales were half their pre-lockdown level, properties that did sell had sold at prices not far below March, and were still well above last year’s prices.

“The average price at $962,136 was down 3.2 percent on that for March, but still well in excess of the average prices for February and January, and 3.6 percent higher than the average price in April last year.