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August 2023 Housing Market Update

Positivity Returns To Auckland Housing Market

Signs that the heralded recovery of the Auckland housing market is imminent can be seen in the high number of properties sold in August and the prices paid for those properties. 

“August was the most positive sales month in the past 17 months,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“Not only did the number of sales during the month increase significantly, but the median sales price at $982,500 was also up 3.4 percent on that for July.

“Against where the market has come from, August’s results are only a modest step forward, but the level of buyer motivation was the best it has been for more than two years.

“Once the General Election is behind us, we can anticipate sales activity increasing and a good, steady market through to year-end.

“The market recovery will show up in the number of properties sold rather than major increases in the prices paid.

“In August we sold 879 properties, 20.9 percent more than in July, 22.1 percent higher than the average number of monthly sales for the previous three months and 52.1 percent more than for the same month last year.

“The average sales price at $1,088,457 was also up 2 percent on the average for the previous three months (0.9 percent).

“New listings for the month at 1577 leapt 30 percent on those for July as vendors too felt the mood of the market changing. New listings this August were up 13.1 percent from where they were last August. 

“At month end we had 4155 properties on our books, 1.9 percent more than at the end of July. Anything above 4000 gives buyers an excellent range of properties from which to choose.

“The growing number of apartments entering the market, combined with the market downturn experienced since November 2021, has seen the re-emergence of properties selling for under $500,000.

“In August 18.7 percent of our sales were of properties selling for under $500,000 while 6.4 percent sold for $2 million or more, and 2.4 percent sold for $3 million or more.

“The rural and lifestyle markets also experienced stronger buyer activity in August, and we sold more than $58 million worth of property, with sales in dollar terms being double those for July. 

“Sales numbers were the highest in nine months and up 70 percent on those for July while listing activity increased in anticipation of a more active market post the election.

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands. 

For further information, contact Peter Thompson, Managing Director, Barfoot & Thompson, by telephone at 09 307 5523 or 027 453 593.