Barfoot & Thompson: June 2019 Housing Market Update

PHOTO: Barfoot & Thompson

A strong trading month in the rural/lifestyle property market and increased buyer activity in the Auckland urban area were features of June trading as the property market settled into its winter trading pattern.

“While prices in June remained solid and sales numbers were modest, there were a number of underlying trends that suggest greater activity was building than has been present over the last few months,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“There are more first-time buyers looking, there is a shortage of properties in the $800,000 to $1 million price segment resulting in competition for properties, vendors are more inclined to meet the market and the banks are showing more interest in lending.

“All are positive signs for vendors who are prepared to price their properties at market.

“The average sales price in June was $939,945, up marginally on that for May and on the average for the previous three months.

“The median price at $845,000 was marginally down on the median for last month but well in excess of the median price at June last year.

“Sales of properties in the $1 million and $2 million price segments sold well during the month and represented 34.6 percent of total sales.

“Only 6.4 percent of homes sold for under $500,000.

“Sales numbers for the month at 786 were down on those for May but were influenced by the onset of winter, and the shortage of new listings and housing stock.

“New listings for the month at 1,012 were down on those for the previous month and for the same month last year.

“At month end we had 4,085 properties on our books, the lowest number for 10 months.

Time period	Number of sales*	Total value of sales
June 2019	786 properties	$738,797,551
June 2018	903 properties	$838,745,124
12 months to June 2019	9,160 properties	$8,526,625,634
12 months to June 2018	9,320 properties	$8,636,263,343