Barfoot & Thompson Auckland Housing Market Insights: February 2024
Auckland’s Real Estate Landscape: Prices on the Rise as Supply Surges
In the current real estate climate, Auckland boasts a surplus of homes for sale, marking the highest inventory in the past decade.
“There is a log jam of homes for sale which is creating the largest buyers’ market we have seen since 2011,” emphasized Peter Thompson, Managing Director of Barfoot & Thompson.
This influx of available homes commenced in August, culminating in the past six months with unprecedented choices for prospective buyers.
As of the end of the month, our records indicate a staggering 5382 homes listed, the most significant inventory recorded in nearly 13 years, dating back to April 2011.
Throughout February alone, we introduced 2255 properties to the market, spanning from initial listings to owner-occupied residences seeking new owners and former investment properties.
This surge in listings is unparalleled, surpassing even the peak observed in November 2021.
In February, sales reached a notable 633, a 25% increase from January and an impressive 54.4% surge compared to the same period last year. Although traditionally a subdued month for sales, this February’s performance mirrors that of 2019 before the market’s upward trajectory.
The surge in available homes results from a confluence of factors, including an influx of new listings, homeowners advancing relocation plans as the market rebounds from a downward cycle, and the customary cautious approach of buyers, aligning their decisions with market dynamics, pricing, and mortgage rates.
Contrary to the typical scenario where increased supply leads to price declines, the current market scenario is distinct. Homes sold in February achieved prices marginally higher than those in January.
The median price, standing at $970,000, witnessed a 0.4% increase from January, while the average sales price of $1,116,150 reflected a 3% uptick.
The current median price stands 2% above the low point of the price cycle observed in June and July last year, with the average price demonstrating a notable 5% increase.
In keeping with the seasonal trend, top-end property sales remained subdued in the early months of the year, representing only 5.5% of total sales (35 in number) for properties exceeding $2 million in February. However, heightened interest in this price category is anticipated to gain momentum from March onwards.
Rural and lifestyle sales exhibited a modest start to the year, achieving close to $40 million in February, marking a 25% increase from the same month last year.
The listing of numerous lifestyle properties in February sets the stage for a robust selling season anticipated through autumn.
In summary, Barfoot & Thompson stands as Auckland’s premier real estate company, securing around one in three residential home sales—a testament to our unparalleled expertise and market dominance.
February 2024 Housing Market Update
Time period Number of sales* Total value of sales
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| February 2024 | 633 | $706,522,897 |
| February 2023 | 410 | $451,812,711 |
| 12 months to February 2024 | 8,898 | $9,838,825,990 |
| 12 months to February 2023 | 7,808 | $8,922,912,387 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch)
For further information, contact Peter Thompson, Managing Director, Barfoot & Thompson,
| February | Previous Month | Previous 3 Month Average | February 2023 |
|---|---|---|---|
| Average Price $1,116,150 | $1,083,487 +3% | $1,150,202 -3% | $1,101,980 +1.3% |
| Median Price $970,000 | $966,500 +0.4% | $1,008,000 -3.8% | $1,023,000 -5.2% |
| Sales 633 | 504 +25.6% | 772 -18% | 410 +54.4% |
| New Listings 2,255 | 1,221 +84.7% | 1,243 +81.4% | 1,309 +72.8% |
| Month-End Stock 5,382 | 4,618 +16.5% | 4,458 +20.7% | 4,873 +10.4% |
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