Signs point to improvement, agency says
Things are looking better for the property market now that the election is out of the way, Barfoot and Thompson says.
Friday, October 3rd 2014, 12:00AM
by The Landlord
“September’s average house sales price at $738,876 is the highest on record,” said managing director Peter Thompson. “It is $13,000 up on the previous highest average price established in March this year, and up 3.8% on the previous month’s average price. However, the sales data shows the high average price was the result of a relatively modest number of homes being sold, of which a high number sold for in excess of $1 million."
Just over 17% of the homes sold went for more than $1 million.
September's media price was $635,000, up less than 1% on August.
Thompson said properties in that price bracket were less affected by the uncertainties around the election.
“Without doubt, the election’s influence can be seen in September’s sales numbers," Thompson said. “However, what can also be seen in the month’s figures is that housing activity was starting to lift during September, and normal spring trading can be expected now the election is behind us. New listings, at 1314 for the month, were already starting to build and were up 16.4%on listings during August and only 5.9% down on July’s 1396 new listings."
He said the low number of listings at the end of the month could put pressure on prices.
The 3075 listings on the agency's books were the lowest number this year and the lowest at the end of September for more than a decade.
Sales of properties under $500,000 represented 30.1% of the agency's turnover in the month.
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