Fine Summer Weather Impacts Auckland Property Market
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
The Auckland real estate market began the new year at its usual measured pace, with a slight dip in both sales and prices from the last quarter of the previous year.
Peter Thompson, Managing Director at Barfoot & Thompson, observed, “Consistent with the trend over the last four years, we saw January’s sales figures and property prices not quite reach the heights of December.”
The calm of the holiday season, coupled with excellent weather in the Auckland area, typically results in lower sales numbers in January, a month also characterized by fewer transactions in the luxury market segment above $2 million.
“This January followed the pattern, with just 25 high-end properties changing hands, accounting for merely 5% of total sales – the smallest quantity for January in the past four years,” Thompson noted.
January’s median sale price was $966,500, showing a 7.1% decrease from December, while the average sale price also fell by 8.3% to $1,083,487. The total number of sales dropped significantly by 41.1% from December, totaling 504.
However, on a brighter note, January saw 1,221 new listings, an increase of 83.3% from December and 32.7% more than the same period last year, signaling strong market re-engagement by vendors.
Agents report a considerable number of potential buyers are awaiting the government’s upcoming adjustments to property investment regulations, anticipating these changes could notably boost market activity.
With 4,618 properties listed, a diverse array of options is available to buyers. The rural and lifestyle sectors around Auckland’s outskirts experienced robust activity, with several transactions initiated before the holiday period concluding in January. Sales in these markets totaled $38.8 million, surpassing figures from six of the past twelve months.
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.
For further information regarding sales statistics, contact Peter Thompson, Managing Director, Barfoot & Thompson.
Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch)
| January | Previous Month | Previous 3 Month Average | January 2023 |
|---|---|---|---|
| Average Price $1,083,487 | $1,181,299 -8.3% | $1,152,614 -6% | $1,115,733 -2.9% |
| Median Price $966,500 | $1,040,000 -7.1% | $1,023,000 -5.5% | $1,000,000 -3.4% |
| Sales 504 | 856 -41.1% | 886 -43.1% | 431 +16.9% |
| New Listings 1,221 | 666 +83.3% | 1,445 -15.5% | 920 +32.7% |
| Month-End Stock 4,618 | 4,383 +5.4% | 4,596 +0.5% | 4747 -2.7% |
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| January 2024 | 504 | $546,077,448 |
| January 2023 | 431 | $480,881,196 |
| 12 months to January 2024 | 8,675 | $9,584,114,840 |
| 12 months to January 2023 | 8,099 | $9,502,787,003 |
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