PHOTO: Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.
Committed buyers have returned to the Auckland residential property market.
“It was a result foreshadowed by strong sales in October, and the lift the market received then has flowed into significantly higher prices in November,” said Kiri Barfoot, Director, Barfoot & Thompson.
“Activity has not returned to the heydays experienced at the height of the previous price cycle but Auckland sales have certainly shrugged off the modest turnover and price movements experienced over the past two years.
“The median price for the month at $891,000 is up 5.8 percent on the average for the past three months while the average price at $963,671 is up 3.5 percent.
“Monthly price increases of this size were last seen when the market was at its strongest in 2016 through to the early part of 2017.
“Sales numbers for the month at 960 were the highest in a month since March this year and the highest they have been in a November since 2015.
“A contributing factor to the price increases is the declining pool of properties on the market.
“In November we listed 1,517 new properties, and although this is one of our higher monthly numbers this year, it is our lowest in a November for 11 years.
| ime period | Number of sales* | Total value of sales |
|---|---|---|
| Nov 2019 | 960 properties | $925,124,836 |
| Nov 2018 | 941 properties | $881,525,223 |
| 12 months to Nov 2019 | 9,168 properties | $8,562,642,174 |
| 12 months to Nov 2018 | 9,949 properties | $9,241,071,022 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
READ MORE VIA BARFOOT & THOMPSON