PHOTO: Peter Thompson, Managing Director of Barfoot & Thompson. SUPPLIED
The Auckland housing market showed a gradual acceleration into positive territory in November, marked by a significant increase in sales numbers and a notable recovery in prices, reclaiming most of the lost ground from the past 12 months.
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Peter Thompson, Managing Director of Barfoot & Thompson, commented, “November manifested the positive gains discussed in the housing market, evident in the sales data. The recovery, while modest, is steady and gained momentum in the latter part of the month, hinting at a promising trading month in December.
The most notable surge was in the number of properties sold, with sales reaching 956, up 13 percent from the previous month and a third higher than the same month last year. This marks the highest number of properties sold in a month in 21 months.
Property prices reflected the gains observed last month, with the median price at $1,018,000—the highest in 8 months—and the average price at $1,185,820, the highest in 19 months. Notably, the average sales price for the month saw a 2.8 percent increase compared to November last year, marking the first instance in 2023 where the average monthly price surpassed its 2022 counterpart.
In terms of median monthly price, November was within 4.4 percent of its 2022 equivalent, the closest alignment in the past 12 months, signaling a robust and upward-trending market.
Buyers demonstrated strength in the top end of the market, with 91 sales of properties exceeding $2 million, the highest in 20 months. Among these, 24 properties sold for more than $3 million, also a 20-month high.
New listings surged to 1841, the highest in the past 20 months, and month-end properties for sale reached 4841, marking a 12.5 percent increase compared to the previous three months.
While the rural and lifestyle markets in Northland, as well as the rural markets surrounding Auckland, experienced a more subdued lift in market activity compared to the metropolitan market, pockets of high local activity were observed, notably in the Franklin market, achieving its highest-ever sales in the month of November.
New listings gained momentum in rural markets towards the end of the month, setting the stage for a busy first quarter in the upcoming year.”