Auckland Housing Market Insights June 2024

Auckland’s housing market continued its recovery in June, with sales prices showing an upward trend compared to May, despite the onset of winter.

Stephen Barfoot, Director of Barfoot & Thompson, stated, “June’s trading was positive from a price perspective, with the median price of $1,020,000 remaining consistent with the previous three months.”

The median price saw a 2.5% increase compared to June of the previous year.

“The average sales price demonstrated even more strength, rising 4.5% from May to reach $1,236,336, which is 12.6% higher than this time last year,” Barfoot noted.

Both median and average sales prices have now surpassed the bottom of the price cycle experienced in June and July of the previous year.

Sales volume in June decreased by a quarter compared to May, totaling 681 homes sold.

Barfoot explained, “May was an exceptional month for sales this year, and we typically see a seasonal decline as winter approaches.”

The first half of this calendar year has seen a significant increase in sales compared to the same period last year, with 4,499 homes sold versus 3,513, representing a 28.1% increase.

“With overall higher sales numbers and stable prices, the market continues to recover rather than regress,” Barfoot commented.

New listings remained high in June, with 1,506 properties entering the market, resulting in 5,736 properties available at month’s end, nearly a third more than in June of the previous year.

A notable aspect of June’s trading was the strong performance in the high-end market segments, with 61 sales (9% of total sales) exceeding $2 million, including 19 sales above $3 million.

Barfoot concluded, “In the past seven months, we’ve only once surpassed last month’s sales in the above $3 million price bracket, which occurred in March of this year.”