It is the highest number of sales in a month since the peak of the last property cycle in 2017
The number of property sales in Auckland rose significantly last month – recording the highest number of sales in a month since the peak of the last property cycle in 2017, according to Barfoot & Thompson.
Barfoot & Thompson managing director Peter Thompson said the number of new listings, at 1,947, was the key to the high sales numbers in September as it was the highest number in a month since October 2018 and 43.8% higher than in August.
“The large increase in listings released some of the competition for properties that had built up among buyers and was influencing prices. At the same time as releasing buying pressure, the greater choice was an opportunity to which buyers were quick to respond,” Thompson said.
Barfoot & Thompson completed 1,099 sales in September, which were 4.2% higher than the previous month and 42.5% higher than the sales numbers in September 2019.
“The average price increase over that for August was less than $1500, bringing it to $996,945, while the median price increased by just under $20,000 to $930,000. While these are record prices in their own right, the reality is September's average price is 2% higher than the average achieved across the previous three months, and the median price at $930,000 is up 2.9%,” Thompson said.
“It is the number of sales being made that has risen significantly in the past four months, not prices. The current prices being paid by buyers shows the confidence that prices are likely to hold firm over the medium term.”
