August Sets the Scene for a Confident Spring Auckland Housing Markett
Quiet Confidence Rounds Out Winter
“A quiet confidence rounded out winter across the Auckland residential housing market during August, as sales and listings continued to outperform seasonal expectations,” said Peter Thompson.
Growing Confidence as Spring Approaches
“All indications point to the subtle confidence we have seen return to the Auckland residential housing market in the past few months continuing to grow as we enter spring,” Thompson added.
Sustained Confidence and Stable Prices
“While the market hasn’t broken any records during the last month of winter, it has continued to display welcome markers of sustained confidence with sales and listings performing well, and prices remaining stable. It’s this solid reliability that has laid the groundwork for a promising spring and summer,” explained Thompson.
Strong Sales Figures
“Unquestionably, the market is stirring, and there is every reason to believe the more challenging times are behind us. During the month, we sold 889 properties across the city, the highest number of sales for the same month since 2021, and new listings at 1,454 were the second highest in any August since 2017,” noted Thompson.
Median and Average Prices
“The median sales price in August was $952,500, marginally lower than July’s median price, and 3.1 percent lower than the same month last year. The average price at $1,107,837 was also slightly down at 1.6 percent lower when compared to the previous month, but nearly 2 percent higher than August 2023,” Thompson stated.
Market Stabilisation
“We are coming into a new season in a market where vendors and buyers have reached a consensus that the market is stabilising price-wise, and the more mortgage interest rates ease back, the more active the market will become,” Thompson explained.
Diverse Property Sales
“Exactly mirroring July, and a reflection of the wide variety of property currently available across Auckland, during August, 22.3 percent of the property sold was under $750,000, while sales in the $2 million plus price segment accounted for 5.2 percent of sales,” said Thompson.
Rural and Lifestyle Market Activity
“The rural and lifestyle market experienced its second busiest month of the year during August, with total sales reaching $56 million,” Thompson concluded.
Barfoot & Thomspon August 2024 Auckland Housing Market Update
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| August 2024 | 889 properties | $984,866,905 |
| August 2023 | 879 properties | $956,754,104 |
| 12 months to August 2024 | 9,773 properties | $11,281,951,582 |
| 12 months to August 2023 | 7,707 properties | $8,375,356,155 |
Time period Number of sales* Total value of sales*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, Director, Barfoot & Thompson.
| August | Previous Month | Previous 3 Month Average | August 2023 |
|---|---|---|---|
| Average Price $1,107,837 | $1,127,639 -1.6% | $1,182,202 -6.2% | $1,088,457 +1.8% |
| Median Price $952,500 | $970,000 -1.8% | $1,000,633 -4.8% | $982,500 -3.1% |
| Sales 889 | 902 -1.4% | 833 +6.7% | 879 +1.1% |
| New Listings 1,454 | 1,518 -4.2% | 1,573 -7.6% | 1,577 -7.8% |
| Month-End Stock 5,162 | 5,446 -5.2% | 5,649 -8.6% | 4,155 +24.2% |
Auckland Housing Market Report August 2024 – Key Takeaways
This briefing document summarizes the key themes and data from the August 2024 Barfoot & Thompson Auckland Housing Market Report, highlighting trends and insights for potential buyers and sellers.
Main Themes:
- Cautious Optimism: The report points to a “quiet confidence” returning to the Auckland housing market, suggesting a potential recovery is on the horizon. This is supported by positive sales figures and stable prices.
- Market Stabilization: Prices appear to be stabilizing after a period of volatility. While slightly lower than July 2024 and August 2023 figures, the decrease is marginal, indicating a potential bottoming out.
- Increased Activity: The market is showing signs of increased activity with sales exceeding seasonal expectations and outperforming August 2023 figures. New listings are also robust, indicating growing seller confidence.
Key Data:
- Sales Volume: 889 properties sold in August 2024, the highest for August since 2021, marking a 1.1% increase from August 2023.
- Sales Value: Total sales value reached $984,866,905, a 3.1% increase from August 2023.
- Median Price: $952,500, a 1.8% decrease from July 2024 and 3.1% lower than August 2023.
- Average Price: $1,107,837, a 1.6% decrease from July 2024 but a 1.8% increase from August 2023.
- New Listings: 1,454 new listings, the second highest for August since 2017, though a 7.8% decrease from August 2023.
- Month-End Stock: 5,162 properties, a 5.2% decrease from July 2024 but a significant 24.2% increase from August 2023.
Quotes:
- Market Sentiment: “All indications point to the subtle confidence we have seen return to the Auckland residential housing market in the past few months continuing to grow as we enter spring.” – Peter Thompson, Managing Director of Barfoot & Thompson.
- Price Stabilization: “We are coming into a new season in a market where vendors and buyers have reached a consensus that the market is stabilising price-wise.” – Peter Thompson.
- Future Outlook: “And the more mortgage interest rates ease back, the more active the market will become.” – Peter Thompson.
Conclusion:
The August 2024 report suggests that the Auckland housing market is entering a period of stabilization and renewed confidence. While prices haven’t surged, the consistent sales activity and growing inventory signal a healthy rebalancing. With easing mortgage interest rates anticipated, the stage is set for a potentially more active spring and summer season in the Auckland housing market.
Auckland Housing Market FAQ – August 2024
- How did the Auckland housing market perform in August 2024?
August 2024 saw positive signs for the Auckland housing market with strong sales and listings indicating growing confidence. While not record-breaking, the market demonstrated stability and outperformed typical seasonal expectations, setting the stage for a promising spring season.
- How many properties were sold in August 2024?
Barfoot & Thompson facilitated the sale of 889 properties in August 2024, the highest sales figure for the month since 2021.
- What were the median and average house prices in August 2024?
- The median house price in August 2024 was $952,500.
- The average house price in August 2024 was $1,107,837.
- How do current prices compare to the previous month and year?
Both average and median prices saw slight dips compared to July 2024. However, compared to August 2023:
- The average price was up by nearly 2%.
- The median price was down by 3.1%.
- Are there indications of a stabilizing housing market?
Yes, the market indicates a price stabilization consensus between buyers and sellers. This stability, coupled with easing mortgage interest rates, is expected to further activate the market.
- How did new listings perform in August 2024?
August 2024 saw 1,454 new listings, representing the second highest figure for August since 2017. This suggests a healthy supply entering the market.
- What is the outlook for the Auckland housing market?
The overall outlook is optimistic. With stabilized prices, easing interest rates, and strong sales and listing numbers, the market is poised for a robust spring and summer season.
- Who is Barfoot & Thompson and why is their market report relevant?
Barfoot & Thompson is Auckland’s leading real estate company, responsible for approximately one in three residential home sales in the city. Their market report provides valuable insights into the Auckland housing market due to their extensive market share and experience.
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