Barfoot & Thompson's July data is out today. Photo / Fiona Goodall
Barfoot & Thompson's July data is out today. Photo / Fiona Goodall
Auckland house sales fell nearly $1000 a day, if the average sale price drop by the city’s largest real estate agency is anything to go by.
Barfoot & Thompson reported June’s average sale house price was $1.097 million but in July that dropped to just $1.067m, indicating prices were down by $994 a day from one month to the next.
Peter Thompson, the agency’s managing director, said nothing unusual was happening because it was the traditional winter lull.
The median price Barfoot & Thompson recorded also fell, from $995,000 in June to $950,000 last month.
“The Auckland housing market once again showed a consistency in line with traditional seasonal expectations during July with sales numbers up on previous months, but prices falling back a little,” he said.
The agency did sell 727 places in July, up on May’s 723 and June’s 711, and he highlighted that.
Across Auckland, the agency's July sale numbers were up on June, and 19 per cent higher than the same time last year. Photo / Brett Phibbs
“There are good reasons for both vendors and buyers should have renewed confidence in current market conditions.
“A steady increase in sales numbers across all price points and a consistent flow of listings have buoyed the market, and it’s unlikely we will see any large movements in prices as we move out of winter and into the election period,” Thompson said.
July sale numbers were up just over 2 per cent on the previous month and 19 per cent higher than July last year.
“It was in fact our second-busiest month for residential sales this year, beaten only by March when we sold 765 homes during the month,” he said.
July’s average sales price retreated a little, to $1,067,070, which was down 2.8 per cent on the previous month.
Average sales prices have remained relatively static over the past three months, and July’s average was just 1.7 per cent lower than the previous three-month average. The median price for the month at $950,000 was down 4.5 per cent when compared with June, he said.
On average in New Zealand we live in our homes for about seven years before we consider our next move, Thompson said.
This means many of those considering listing in the coming weeks and months will have bought their property in 2016, and in the intervening years it’s likely the value of their property will have increased about 23 per cent, he emphasised.
At 1213, there was a steady, if slightly reduced flow of new listings coming onto the market during July. This number was down about 4 per cent on last month, but more than 3 per cent higher than the same month last year.
At month’s end the agency had 4076 available listings — the lowest since last January.
The new data arrived soon after the OneRoof-Valocity House Value Index showed average property values nationwide dropped 1.9 per cent in the three months to the end of July.
Anne Gibson has been the Herald’s property editor for 23 years, has won many awards, written books and covered property extensively here and overseas.
