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Shaking off the summer lull

Mixed results in new Barfoot & Thompson data suggest the Auckland market may be slowly stirring from its recent slumber.

Thursday, March 3rd 2016, 11:39AM

by Miriam Bell

Barfoot & Thompson managing director Peter Thompson

While the city’s average sales price was up slightly in February, as compared to January, its median price was down, according to Auckland’s biggest real estate agency.

The average sales price rose by 1.3% to come in at $822,024, as compared to $811,700 in January.

Conversely, the median price dropped by 2.9% to $738,000, from $760,000 in January.

Barfoot & Thompson managing director Peter Thompson said that, while Auckland’s house prices have retreated from the record prices set in the second half of 2015, they are still higher than they were at the same time last year.

January’s average sale price was up 10% on that of February last year, while January’s median price was up 7.5% on last February’s.

In Thompson’s view, this could signal that the Auckland market’s slowdown may be a temporary one.

He said that, based on past trends, house prices in coming months are likely to build modestly.

“Over the past nine years Auckland house prices have followed a cycle of falling in the first quarter of the year and then rising from autumn on.

“We have now had two months of trading where prices have been higher than they were in their equivalent months last year, and in the past that has meant prices have risen throughout the year.”

He added that the average and median prices could have been affected by a relatively low number of sales in the $1 million plus category over the summer period.

“Sales of properties for under $500,000 in February made up 20.6% of all sales, whereas throughout last year they averaged 14.9% of sales.”

Meanwhile, sales activity hit a record low for Barfoot & Thompson in February, with just 698 properties sold – which was the lowest amount sold in any month for three years.

Thompson said this was because, at the start of the month, the number of properties on the market was at its lowest number for 20 years, leaving buyers with very limited choice.

However, over the course of the month, listings with the agency increased significantly.

“At months end we had 3,318 properties on our books, the highest since March last year, and we anticipate an extremely busy period through autumn,” he said.

The Barfoot & Thompson data follows hot on the heels of the latest data from QV and realestate.co.nz – all of which combine to suggest the Auckland market’s slowdown might not last.

Realestate.co.nz’s data had Auckland bouncing back to a new record average asking price, while QV’s data showed Auckland values are down for the second consecutive month.

But QV’s national spokesperson Andrea Rush said that, in recent weeks, activity levels have started to pick up across the SuperCity, so it was possible the drop in values may be short lived.

« Softening market may be short-livedAffordability not the problem »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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