PHOTO: Peter Thompson, the Managing Director of Barfoot & Thompson. SUPPLIED
The property market in Auckland experienced a typical slow start to the year, but January witnessed an increase in listings compared to the same period last year, as reported by a prominent real estate agency.
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Despite this positive trend in listings, the sales for January recorded a total of 504, marking a 41.1% decrease from December. Peter Thompson, the managing director of Barfoot & Thompson, attributed this decline to the holiday season, emphasizing that sales numbers traditionally hit their lowest point in January. Additionally, he noted that this is the month when a limited number of homes, particularly in the $2 million plus price range, are typically sold.
Thompson highlighted that only 25 homes were sold in the top-tier market, representing just 5% of the total properties sold. The median price for January was $966k, reflecting a 7.1% decrease from December, while the average price stood at $1.083m, down by 8.3%.
Despite the drop in sales and prices, the month saw a notable increase in new listings, with 1221 properties listed, marking an 83.3% rise from December and a 32.7% surge compared to January 2023.
Thompson expressed confidence among vendors, stating that they believe the market has stabilized, prompting a robust re-entry into the real estate arena. Simultaneously, he mentioned anecdotal comments from agents indicating a substantial group of potential buyers on standby, awaiting the government’s implementation of announced modifications to property investment rules. Thompson anticipated that once these changes are in effect, they could significantly boost buyer demand in the market.
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