Auckland property market remains solid

by Roxanne Libatique05 Mar 2021

Auckland’s property market remained stable in February 2021, with property sales stronger than they were at the height of the last property cycle between 2015 and 2017, according to Barfoot & Thompson’s (Barfoot) latest data.

Barfoot listed 1,941 new properties last month, a significant number for a February. It reflected the increase in the average and median sales prices, with the average reaching $1,075,408 in February, up 0.7% on January’s average price, and a median price of $1,010,000, up 3.6% in a month.

Peter Thompson, the managing director of Barfoot & Thompson, said the realtor sold 1,124 properties last month.

“You have to go back 17 years to find a February when we sold more homes,” Thompson said. “In terms of sales numbers and the prices paid, February was exceptional. More than half the homes sold in the month went for prices in excess of $1 million, whereas last year, on average, $1 million homes accounted for a little above 40% of monthly sales.

“In January, homes in this price category edged up to 49% of sales, and in February, the trend was consolidated with $1 million plus sales reaching 56% of all sales. The speed with which this percentage has increased underlines the significant movement in prices that have occurred in recent times.”

Last month’s median price was the highest on record and $5,000 higher than the previous record set in December, said Barfoot & Thompson.

“At month’s end, we had 3,416 properties on our books, the highest number for three months. This number, combined with the level of homes in the sales pipeline, will contribute to March likely being a strong sales month,” Thompson said.

Century 21 New Zealand owner Derryn Mayne said they found the Auckland market quieter recently. However, Century 21 salespeople had seen plenty of engagement this week.

“Aucklanders contemplating selling their houses should not be put off. While a lockdown restricts people’s activity, it also gives buyers more time to surf the net and contemplate their options,” Mayne said.

“Not only are buyers using this time wisely, but those looking to sell are using this lockdown to prepare their property inside and out. As they say, never waste a lockdown!”

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