December 2024
Auckland Housing Market Finishes 2024 on a Solid Note, Says Barfoot & Thompson
Peter Thompson
The Auckland housing market demonstrated a resilient and modestly recovered finish to 2024, according to the latest report from Barfoot & Thompson. While the market has not reached the peak prices of 2021, positive movements in sales numbers and prices suggest a stable close to a year marked by economic challenges. Peter Thompson, Managing Director of Barfoot & Thompson, noted that “Sales numbers in December remained solid and prices remained positive.”
Sales and Price Overview
In December 2024, Auckland saw 833 residential sales, which totalled $1,053,458,652. Although sales decreased compared to November, they were 17.1% higher than in December 2023. The median sales price for December was $1 million. While this was $11,000 below November’s median, it is 3.4% higher than the average median price of the previous three months. The average price also rose, reaching $1,186,462, a 4.7% increase from November and 6.4% higher than the average of the previous three months.While the average price for 2024 increased by 4.4% compared to 2023, the median price saw a slight decrease of 0.1%, indicating relatively stable price movement over the past year. The yearly median price was $987,000, down $11,000 on last year, and the yearly average price was $1,152,000, up $48,000.Key Market Dynamics
- Sales Volume: Although December sales were lower than November, they were significantly higher than the same period in 2023. According to the report, year-on-year sales numbers increased by 17.2%.
- Listing Trends: There were 780 new listings in December, which was the first month in 2024 that new listings were less than sales. The total number of available listings at the end of December was 5,094, the lowest in 11 months. However, available listings are approximately 13% higher than they were at the same time in the past two years.
- Price Categories: Sales of properties under $750,000 made up 19% of total sales, consistent with the yearly trend. Sales in higher price ranges, specifically $2 million to $3 million and $3 million plus, were not greatly affected by the economy and remained strong throughout the year. On average, 41 homes were sold monthly in the $2-$3 million category, and 14 homes monthly in the $3 million plus category, more than in 2023.
- Rural and Lifestyle Markets: Peter Thompson noted that these markets experienced a significant surge in December, with sales exceeding $80 million, the highest monthly value in two and a half years, and almost double November sales. This increase was largely attributed to the decrease in mortgage interest rates in the final quarter of 2024, and the fact that rural and lifestyle mortgage lending takes longer to negotiate than in the urban housing market.
Market Influences
The report highlights that the Auckland housing market has shown resilience despite the economic challenges of 2024. Peter Thompson explained that a contributing factor to the market’s performance was the fall in mortgage interest rates towards the end of the year.Concluding Thoughts
Despite prices being below the peak of 2021, the Auckland housing market has ended 2024 with positive movement. The market is characterised by a modest recovery in prices, a year-on-year increase in sales, and a decrease in available listings. According to Peter Thompson, the year-end performance indicates a market that has adjusted to economic conditions and is responding to lowered mortgage interest rates. Barfoot & Thompson sells approximately one in three residential homes in Auckland, making them the leading real estate company in the region.Barfoot & Thomspon Decenber 2024 Auckland Housing Market Update
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| December 2024 | 833 properties | $1,053,458,652 |
| December 2023 | 856 properties | $988,555,708 |
| 12 months to December 2024 | 10,080 properties | $11,685,607,104 |
| 12 months to December 2023 | 8,576 properties | $9,496,282,079 |
| December | Previous Month | Previous 3 Month Average | December 2023 |
|---|---|---|---|
| Average Price $1,186,462 | $1,132,795 +4.7% | $1,114,671 +6.4% | $1,181,299 +0.4% |
| Median Price $1,000,000 | $1,011,000 -1.1% | $967,000 +3.4% | $1,040,000 -3.8% |
| Sales 833 | 1,002 -16.9% | 986 -15.5% | 856 -2.7% |
| New Listings 780 | 1,782 -56.2% | 1,901 -59% | 666 +17.1% |
| Month-End Stock 5,094 | 5,711 -10.8% | 5,454 -6.6% | 4,383 +16.2% |
Auckland Housing Market FAQs: December 2024
- How did the Auckland housing market perform in December 2024 compared to previous months and the previous year? The Auckland housing market experienced a solid finish to 2024, with a sustained, modest price recovery. While the number of sales decreased significantly from November, they were notably higher than December 2023. Both average and median prices were up compared to the average of the prior three months. Year-on-year, the average price showed a modest increase, but the median price saw a very slight decline, suggesting overall stability rather than substantial growth.
- What were the average and median house prices in Auckland in December 2024? The average price in December 2024 was $1,186,462, which was 4.7% higher than November and 6.4% higher than the average of the prior three months. The median price was $1,000,000, a slight dip from November but 3.4% higher than the average of the previous three months.
- How did the volume of sales change in December 2024? While sales numbers at 833 for December decreased by 16.9% compared to the preceding month of November, they were 17.1% higher than in December 2023. Over the full year, sales volumes were up 17.2% compared to 2023. This indicates a significant increase in market activity year-on-year, despite a slow-down in December compared to November.
- What impact did falling interest rates have on the Auckland housing market in December 2024? Falling mortgage interest rates towards the end of 2024 were identified as a contributing factor to the positive performance of the Auckland housing market. This was particularly evident in increased activity in the rural and lifestyle markets surrounding Auckland. The increase in sales volume and the modest price recovery suggest that lower interest rates stimulated demand.
- How did the number of available listings change in December 2024? The number of new listings in December (780) was significantly lower than previous months, and was the first time in the past year that the number of listings in a month was lower than the number of sales. The total number of available properties at the end of December was 5,094, the lowest level in 11 months. Despite this, available listings are around 13% higher than at this time of year for the two previous years. The combination of increased sales and low listing numbers suggests increased competition in the market.
- Were there any differences in performance across different price segments in the Auckland housing market? Yes, the market performed unevenly across price bands. Properties under $750,000 made up 19% of sales, consistent with the year’s average. However, the $2 to $3 million and $3 million+ price categories consistently performed well throughout 2024, with sales exceeding those of 2023, indicating that the higher end of the market was relatively unaffected by broader economic pressures.
- How did the rural and lifestyle markets surrounding Auckland perform in December 2024? The rural and lifestyle markets to the north, west, and south of Auckland experienced a significant surge in activity in December, driven by the reduction of mortgage interest rates. Sales in these markets exceeded $80 million, which was nearly double November’s sales and the highest dollar value for sales in a single month in two and half years. This also appeared to be assisted by longer lending timelines, resulting in a bunching of lending completions in December.
- What are the key takeaways for the Auckland housing market based on the December 2024 data? The Auckland housing market showed resilience and a positive end to 2024, characterized by increased sales volume, price stabilization, and a notable impact from falling interest rates. The market saw differing performances across price segments, with the higher end experiencing consistent sales throughout the year. The significant drop in listings at the end of the year, together with the increase in sales indicates the likelihood of more competition in the coming months. While the overall market ended the year in a stronger position than expected, monitoring the impact of interest rates and stock levels will be important for the future.
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Darren Ryder Barfoot & Thompson: Your Real Estate Partner in NorthWest AucklandExperience Makes the Difference: With over 12 years in the North West Auckland real estate market, Darren Ryder offers a wealth of expertise to help you achieve your property goals. Whether you're searching for your dream home, selling your existing property, or exploring investment opportunities, Darren provides a personalized approach tailored to your unique needs.Seamless Service, Exceptional Results: Darren specialises in luxury, lifestyle, and residential properties across Kumeu, Huapai, Waimauku, Helensville, and the wider North West Auckland region, including Kaukapakapa to Coatesville. His commitment to excellence ensures a stress-free experience, from market analysis and property valuation to negotiation and closing.Discover the Darren Ryder Difference: Contact Darren today for a free consultation and experience the difference a trusted real estate partner can make.
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