Barfoot & Thompson Auckland Housing Market Insights: May 2024
Buyers Return Strongly to Auckland Property Market.
Buyers returned in strength to the Auckland residential property market in May, stabilizing prices around those seen over the past three months.
“The Auckland market experienced a late autumn boost in May,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“The increase was due to buyers meeting prevailing prices, resulting in the sale of 916 homes in the month.
“This is the highest number of homes sold in May in three years and is nearly a third higher than in April.
“The median price for May was $1,011,900, consistent with the previous three months.
“The average price of $1,182,630 was 2.5 percent lower than April’s average but aligned with the past three months.
“The market has found stability and is trading well into winter. Vendors have adjusted their price expectations post-summer, and buyers have responded positively.
“This indicates the housing market is stabilizing around current price levels.
“With 1,695 new listings in May and total listings at 5,763 by month-end, buyers have the most extensive choice in over a decade. Currently, for every home sold, there are six on the market.
“All price segments saw strong buyer interest in May, with 18.8 percent of sales in the under $750,000 category.
“Sales above $2 million accounted for 7 percent of sales, with 18 homes selling for over $3 million.
“The rural and lifestyle markets were active, with sales exceeding $43 million in May, up 7.5 percent from April and 17.7 percent from May last year.”
May 2024 Auckland Housing Market Update
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| May 2024 | 916 properties | $1,083,288,815 |
| May 2023 | 723 properties | $774,202,660 |
| 12 months to May 2024 | 9,618 properties | $10,951,128,606 |
| 12 months to May 2023 | 7,263 properties | $8,009,787,196 |
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, Managing Director, Barfoot & Thompson.
| May | Previous Month | Previous 3 Month Average | May 2023 |
|---|---|---|---|
| Average Price $1,182,630 | $1,212,828 -2.5% | $1,185,491 -0.2% | $1,070,819 +10.4% |
| Median Price $1,011,900 | $1,007,500 +0.4% | $1,009,000 +0.3% | $955,000 +6% |
| Sales 916 | 704 +30.1% | 799 +14.6% | 723 +26.7% |
| New Listings 1,695 | 1,580 +7.3% | 1,929 -12.1% | 1,262 +34.3% |
| Month-End Stock 5,763 | 5,770 -0.1% | 5,631 +2.3% | 4,390 +31.3% |
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