Auckland sales numbers hit 2008 levels

Auckland’s housing market turnover dropped more than 40% between March and April, to levels not seen since 2008.

Thursday, May 4th 2017, 9:00AM

by The Landlord

Barfoot & Thompson has released its data from April, which shows the company’s agents brokered 664 sales, compared to 1110 in March.

"Sales numbers in April were down by about a third compared with the average for the previous three months, yet given this significant fall the average and median prices held steady,” said Peter Thompson, Managing Director of Barfoot & Thompson.

"The median sales price at $850,000 for the month was down only $5500 on the average median price for the previous three months.

"The same trend was there around the average price, which at $917,079 was down only $25,000 on the average for the previous three months. While prices have declined from March's all-time record highs, the fall relative to the average for the first quarter of this year is modest, and on a year-on-year basis the median price is up 3.7% and the average price is up 5%."

He said the market had changed in Auckland.

"You have to go back nine years to find an April in which fewer homes were sold. Buyers are being far more selective, are taking their time over committing and are only prepared to pay the market price," he said.

"Vendors are not lowering their price expectations significantly but are accepting that to achieve an above-market sales price in the current climate their house has to be special."

He said the decline in sales numbers was felt evenly across all price ranges. More than a third of all sales were for more than $1 million. Sales of property under $500,000 accounted for 6% of all sales.

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