Barfoot & Thompson says sales for Auckland picked up last month.
Sales activity picked up for the Auckland market in February, while prices eased back on the previous three months, according to Barfoot & Thompson.
Barfoot & Thompson managing director Peter Thompson said there’s now a growing acceptance that current sale prices will likely be the benchmark for the remainder of the summer/autumn sales season.
“Sales numbers were up, there was strong growth in new listings while prices, although softening a little on the previous three months, were stable.
“Combined with the relatively high number of properties on the market, the current stable conditions make it a good time to be looking to buy.
“Sales numbers for the month at 665 were up 12.1% on those for January, and were up 19.6% on those for the previous February.
“The average sales price at $919,454 was down 1.6% on that for January, and down 1.1% on the average price for the previous three months.
“A feature of February’s trading was the relatively high number of sales of properties valued at under $500,000,
“At 127 sales they accounted for 19.1% of all sales, a significant increase on the 8% of sales in January.
“This also influenced the median price, which at $820,000 for the month, was down 1.2% on January’s median price.
“Many of the under $500,000 sales took place in central south Auckland, and on the northern, western and southern fringes of the metropolitan area.
“Sales of properties for in excess of $2 million (at 22) and those for more than $1 million (a further 185) were in line with those for the same period last year.
“New listings for the month at 1747 were up 45.6 % on those for January and up 40.7% on the average number for the previous three months.
“New listings being nearly three times greater than sales in the month resulted in a healthy level of available properties at month end.
“At 4648 this is the highest available listings have been since November, and 4.7% higher than the average level for the previous three months.
“The rural and lifestyle markets are experiencing similar trading conditions to those in the residential market.
“Buyers interest is strong throughout the region but there is caution as to whether prices have settled.
“Those sales that are being made are at prices consistent with those paid in the last quarter of 2017.”
