| Time period | Number of sales* | Total value of sales |
|---|---|---|
| December 2023 | 830 properties | $988,555,708 |
| December 2022 | 527 properties | $608,754,037 |
| 12 months to December 2023 | 8,576 properties | $9,496,282,079 |
| 12 months to December 2022 | 8,469 properties | $10,007,601,461 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
Auckland’s Housing Market Concludes the Year on a High Note
The Auckland real estate market concluded 2023 on a notable high, maintaining the robust gains observed since August in both prices and sales.
Peter Thompson, Managing Director of Barfoot & Thompson, remarked, “The market’s strong performance in December lays a solid foundation for a positive commencement of 2024.”
He noted, “The median sales price reached a 12-month peak at $1,045,000 in December, rising 9.5 percent from the lowest point in July and showing a 2.7 percent increase compared to November.”
Thompson highlighted, “In the final four months of 2023, there was a 3.9 percent increase in the median sales price.”
He further stated, “December’s sales, totaling 830, were impressive for a month spanning only three weeks, marking a nearly 60 percent increase from the same month in the previous year.”
“Although there has been a significant uptick in prices since August, the growth has been steady, characterized by selective and price-conscious buying behavior,” Thompson explained.
He observed, “Sales figures in the last quarter of 2023 considerably exceeded those of the same period in the previous year, aligning with trading patterns before the surge in 2020 and 2021.”
“The market consensus suggests a continued, albeit modest, rise in both prices and sales,” Thompson added.
He reported, “The average sales price in December edged up by 0.4 percent to $1,191,031, with a 7.1 percent increase over the past four months.”
Thompson stated, “December saw 666 new listings, and we began the new year with 4383 properties, the highest starting number for over a decade, excluding last year, providing buyers with a vast selection.”
He pointed out, “Year-on-year comparisons of median and average prices indicate that by the end of 2023, the market had recouped some of the losses from its peak in November 2021.”
“The median price for 2023 averaged at $998,500, down 10.6 percent from 2022’s high of $1,117,000 and 9.4 percent lower than 2021,” Thompson highlighted.
He added, “The 12-month average price for 2023 was $1,104,000, a 6.1% decrease from 2022’s all-time high of $1,176,000, and a 4.2% reduction from 2021’s figure.”
Thompson noted, “The growing confidence in the metropolitan Auckland market positively influenced the lifestyle and rural markets in Northland and surrounding rural areas, with December sales in these markets exceeding $56 million, a 69.7 percent increase over the previous December.”
“In the southern rural areas of Auckland, demand for rural and lifestyle properties was particularly strong, and in the north, we conducted more appraisals than usual for year-end,” Thompson concluded.
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.
Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch) For further information, contact Peter Thompson, Managing Director, Barfoot & Thompson
| December | Previous Month | Previous 3 Month Average | December 2022 |
|---|---|---|---|
| Average Price $1,191,031 | $1,185,820 +0.4% | $1,111,772 +7.1% | $1,155,131 +3.1% |
| Median Price $1,045,000 | $1,018,000 +2.7% | $1,005,500 +3.9% | $1,067,500 -2.1% |
| Sales 830 | 956 -13.2% | 876 -5.3% | 527 +57.5% |
| New Listings 666 | 1,841 -63.8% | 1,713 -61.1% | 702 -5.1% |
| Month-End Stock 4,383 | 4,841 -9.5% | 4,532 -3.3% | 4,664 -6% |
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