Auckland sales rise for the second consecutive month but prices show a five-month low, according to realtor data
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Monthly sales in the Auckland residential property market have been recorded at 1027 this May, a 40% increase since May of last year. Prices have been less robust, with a 1.3% slip for May from April to a five-month low of $918,465, a figure 2.6% below May 2017.
Despite this, realtor Barfoot & Thompson says ‘confidence and life’ is returning to the Auckland property market which saw ‘high sales volumes across all price bands.’
“It is the second consecutive month that sales numbers have exceeded their equivalents in 2017 and a further sign that the market is coming out of its 12-month hibernation,” says Barfoot & Thompson managing director Peter Thompson.
“At current levels, buyers are demonstrating confidence that prices have likely bottomed and vendors are recognising the market is not going to rebound to levels higher than those of 12-18 months ago.”
The median price for Auckland property was recorded at $820,000, the lowest in three months and down 2% on the average for the previous three months. Thompson says that prices are now at the same level as they were 12 months ago, and that price stability is to be expected over the coming winter months.
Sales in the under $500,000 price band were especially strong in May and represented 12.5% of all May sales, more than double the number sold in April. The $1-2 million plus bands were also strong, with sales from these price bands accounting for a third of all sales.
High-end properties in the rural and lifestyle category also proved popular and continue to be in demand across the north and south of Auckland, with auction sales and post-auction negotiations remaining the most effective sales methods.
