PHOTO: Peter Thompson, Managing Director of Barfoot & Thompson. FILE

Residential property sales surged in Auckland during March, breaking the deadlock of unsold homes that persisted in the first two months of the year.

OFFICIAL: Aussie real estate brand takes over Kiwi real estate network

Peter Thompson, Managing Director of Barfoot & Thompson, highlighted that March marked the most active trading period in Auckland’s housing market in the past two years. A total of 1061 properties were sold, crossing the 1000 mark for the first time in two years. Moreover, these properties fetched the highest prices seen in 18 months, with both median and average sales prices surpassing the $1 million milestone.

“March was the most active trading month the Auckland housing market has experienced in the past two years” said Peter Thompson, Managing Director of Barfoot & Thompson.

The median sales price soared to $1,050,000, marking an 8.2 percent increase from the previous month, while the average sales price reached $1,227,495, showing a notable 10 percent uptick from the prior month. Both figures also outpaced the averages of the preceding three months.

March saw buyers embracing the notion that properties were offering value for money at current price levels, even amidst prevailing mortgage interest rates. This renewed confidence is anticipated to sustain buoyant market conditions through the autumn season.

The month also witnessed a robust influx of new listings, totaling 1952, which contributed to a month-end stock of 5741 properties. Despite the strong sales rate of 34 homes per day, the market remained well-supplied, boasting the highest inventory level in over a decade.

Notably, high-end property sales saw a resurgence, with 89 homes fetching prices exceeding $2 million, including 27 surpassing the $3 million mark. Sales in rural and lifestyle markets mirrored those of the previous year, although increased listings provided buyers with a wider selection.

March 2024 Housing Market Update

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.

SOURCE: BARFOOT & THOMPSON