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Market adjusts to economic conditions

Auckland residential property sales by Barfoot & Thompson, the city’s biggest agency, were slightly higher than in August, but still the worst for a September month since 2008.

Thursday, October 6th 2022, 9:46AM

by Sally Lindsay

Buyers focused their attention on property selling for under $1 million and there was a significant shift in the price bracket.

Last month 46% of sales were priced at under $1 million. For most months this year sales in the under $1 million price category have ranged between the low 30% to 40% of total sales.

That percentage rose to 46% of the 614 sales made during September. Forty six properties were sold in excess of $2 million, the same number as last month.

Buyers remain cautious, with sales numbers up 6.2% n those for August but down 7.8% on those for September last year.

The median price for the month at $1,064,000 fell away by 4.2% on that for August and was the lowest it has been in any month for 16 months.

However, the average sales price at $1,164,852 was up 0.6% on that for August, and 2.9% ahead of the average price in September last year.

While the median price in September is down 14% on the median peak price of $1,240,000, achieved in November last year, the median price in September is down only 3.3% on the median price in the same month last year.

In comparison, the average September sales price is down 8.9% on the peak average price of $1,278,647 achieved in December but is 2.9% higher than last September’s average price. “Prices are edging lower gradually rather than falling sharply,” says Kiri Barfoot, Barfoot & Thompson director.

New listings for the month at 1,301 were solid, and 2.5% higher than the agency has averaged across the previous three months. At month it had 4,567 properties on the books - 1.5% lower than last month but two thirds higher than the number last year.

Time period Number of sales* Total value of sales
September 2022 614 properties $715,219,705
September 2021 666 properties $754,280,143
12 months to September 2022 9571 properties $11,514,104,668
12 months to September 2021 16,090 properties $17,660,844,325

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.

Tags: housing market

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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

Last updated: 30 October 2024 9:36am

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