Confidence and Activity Return to Auckland Housing Market
Confidence and Activity Return to Auckland Housing Market
Market Responds Positively to Lower Mortgage Rates
The Auckland housing market has positively responded to the recent reduction in home mortgage interest rates, with prices and sales numbers in October rising from winter’s low point.
Positive Expectations Drive Market Momentum
“The arrival of spring, lower mortgage interest rates, and decreased inflation have created positive expectations, and the Auckland market has delivered,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“There is now newfound confidence in the Auckland housing market.
Increase in Sales Numbers and Prices
“After a challenging winter trading period, the market has gained momentum. Sales numbers are up, there is a clear increase in the prices paid in October over those during the winter months, and the rise in the number of new listings reaching the market is outstanding.
Median Price Reverses Declining Trend
“The median price for the month, at $955,000, was up 2.2% from September, reversing a three-month declining trend.
Average Price Shows Significant Growth
“The average price, at $1,129,950, increased by 4.5% compared to September and is 2.2% higher than the average for the past three months.
Strong Sales Achieved in October
“These prices were achieved on strong sales numbers of 969 for the month. While sales were down 1.7% from September, they were 4.6% ahead of the average for the previous three months and 14.5% higher than sales last October.
Buyer Representation Across Price Segments
“Buyers in the under $750,000 price segment were strongly represented in October’s sales data, making up 23% of buyers. Those in the $2 million and over price segment constituted 7% of buyers.
Record Number of New Listings
“The increased confidence in the housing market attracted a record number of additional listings from vendors, supported by a solid number of new builds reaching the market. New listings for the month were 2,361, the highest number in nearly three years.
Ample Property Choices for Buyers
“At the end of the month, we had 5,611 properties on our books, maintaining the excellent choice available to buyers that has existed throughout 2024.
High Property Availability May Slow Price Increases
“It is anticipated that the high number of available properties will act as a handbrake on prices rising quickly.
Rural and Lifestyle Markets Showing Improvement
“While the rural and lifestyle markets to the north, south, and west of Auckland were slower to respond to the improved economic outlook in terms of sales for October, salespeople report ‘a whole new market compared to where it was 12 months ago.’
Strong Activity in Franklin Manukau Area
“New listings in October were up 29% compared to last October, with the Franklin Manukau area showing particularly strong buyer and vendor activity.”
Barfoot & Thomspon October 2024 Auckland Housing Market Update
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| October 2024 | 969 properties | $1,094,921,836 |
| October 2023 | 846 properties | $922,752,412 |
| 12 months to October 2024 | 10,057 properties | $11,646,765,927 |
| 12 months to October 2023 | 8,017 properties | $8,790,492,896 |
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.
| October | Previous Month | Previous 3 Month Average | October 2023 |
|---|---|---|---|
| Average Price $1,129,950 | $1,081,269 +4.5% | $1,105,582 +2.2% | $1,090,724 +4% |
| Median Price $955,000 | $934,500 +2.2% | $952,000 +0.3% | $1,011,250 -5.5% |
| Sales 969 | 986 -1.7% | 926 +4.6% | 846 +14.5% |
| New Listings 2,361 | 1,560 +51.3% | 1,511 +56.3% | 1,829 +29.1% |
| Month-End Stock 5,611 | 5,039 +11.4% | 5,216 +7.6% | 4,564 +22.9% |
Auckland Housing Market FAQ October 2024
What is the current state of the Auckland housing market?
The Auckland housing market is showing positive signs of recovery. After a challenging winter, the market has gained momentum with increased sales numbers and rising prices in October 2024. This positive trend is attributed to several factors, including lower mortgage interest rates, falling inflation, and improving economic sentiment.
How have house prices changed in Auckland recently?
The median house price in Auckland for October 2024 was $955,000, representing a 2.2% increase from September and reversing a three-month decline. The average price also saw a 4.5% rise from September to reach $1,129,950.
What is the sales activity like in the Auckland housing market?
Sales numbers have been strong, with 969 properties sold in October. While this figure is slightly lower than September, it is 4.6% higher than the average for the previous three months and a substantial 14.5% increase compared to October 2023.
Are there many properties available for sale in Auckland?
Yes, there is an excellent range of properties available for buyers. October saw a record number of new listings (2,361), the highest in nearly three years. At the end of October, there were 5,611 properties listed, providing buyers with a wide selection.
How are the rural and lifestyle markets performing in the Auckland region?
While the rural and lifestyle markets surrounding Auckland haven’t responded as quickly to the improved economic conditions as the city itself, there are positive signs. New listings in these areas were up 29% in October compared to the previous year, and real estate agents report a significantly more active market than 12 months ago.
Is Barfoot & Thompson a reputable real estate agency in Auckland?
Barfoot & Thompson is Auckland’s leading real estate company, selling approximately one in three residential homes in the city. They have over 85 branches across Auckland and Northland, with a team of over 1,800 salespeople specializing in various property types. They have received industry awards, including recognition as the ‘Best Real Estate Agency in the World.’
Who is Darren Ryder and what areas does he specialize in?
Darren Ryder is a highly experienced real estate agent with Barfoot & Thompson, specializing in the Northwest Auckland region. He has over 12 years of experience and focuses on luxury, lifestyle, and residential properties. His areas of expertise include Kumeu, Huapai, Waimauku, Helensville, Riverhead and other surrounding Northwest Auckland suburbs.
What are some key attractions and activities in Northwest Auckland?
Northwest Auckland offers a blend of rural charm and urban convenience with numerous attractions. These include the Muriwai Gannet Colony, Woodhill Forest (popular for mountain biking and horse riding), West Coast beaches like Muriwai, Bethells, and Piha, and the Kumeu Wine Country, known for its vineyards and wineries. The region also hosts various events, including the Kumeu A&P Show and the Kumeu Classic Car & Hot Rod Festival.
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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 specializes 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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