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Auckland market wakes from slumber

Higher sales volumes and prices characterised Auckland’s market in October, according to Barfoot & Thompson’s latest data.

Monday, November 5th 2018, 10:57AM

by Miriam Bell

With 884 sales in October, the real estate agency saw sales activity jump up by 22.4% from September and by 39.4% on the same time last year.

Barfoot & Thompson managing director Peter Thompson says that in comparison with where the market has been for the past nine months, October’s trading was extremely active.

It seems that Spring arrived and the market came alive, he says.

“Sales numbers for the month at 884 was the highest in October for three years, and close to a quarter higher than last month and close to 40% higher than for the same month last year.”

On top of the increase in sales, both the average sales price ($937,277) and the median sales price ($860,000) were up in October.

Thompson says both the average and median sales prices were the highest seen this year, as well as being noticeably up the previous three months.

“In part the increase can be attributed to the traditional upturn that comes with spring, but there was also a new found confidence that prices were not going to retreat.

“Buyers put aside their concerns of the past few months and made the decision to move ahead with their buying intentions.”

However, the agency also saw more stock on the market, with new listings for the month hitting 2,046 which is the highest in a month for 19 months.

That left the total amount of available property on the market at 4,848 listings at months end, which is the highest it has been for the past six years.

But Thompson adds the revival of the Auckland housing market is not a signal that the market is ready for another burst of rising prices.

“What it does signal is that residential property is set for strong trading through to Christmas.”

ASB senior economist Jane Turner takes a different view.

She says the spike in house sales could be due to buyers and sellers rushing into the market ahead of the foreign buyer ban becoming law in late October.

“Overall, housing inventory levels suggest the underlying trend in the Auckland housing market will remain lacklustre.

“Despite low mortgage interest rates and an undersupply of dwellings, a combination of the foreign buyer restrictions, stretched affordability, slowing population growth and a steady increase in new dwelling construction are likely to weigh on house prices.”

ASB continues to expect the Auckland market to remain on ice for a while yet and for other regions to continue to outperform, Turner says.

Tags: average price housing market listings median price property investment sales activity

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 ▼6.19 ▼5.69 ▼5.69
ANZ ▼7.89 ▼6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼5.99 5.69 5.69
ASB Bank ▼7.89 ▼6.19 ▼5.69 ▼5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼5.99 ▼5.69 ▼5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One ▼7.94 - - -
BNZ - Rapid Repay ▼7.94 - - -
BNZ - Std ▼7.94 ▼5.99 ▼5.69 ▼5.69
BNZ - TotalMoney ▼7.94 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.99 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▼7.65 6.19 5.75 5.69
Co-operative Bank - Standard ▼7.65 6.69 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.40 6.10 -
First Credit Union Standard 8.50 ▼7.00 6.70 -
Heartland Bank - Online ▼7.49 ▼5.99 ▼5.59 ▼5.69
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 6.15 5.69 5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank ▼7.75 ▼7.09 ▼6.59 ▼6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 ▼6.19 ▼5.69 ▼5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.69 6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 6.95 6.29 6.29
SBS Bank Special - 6.35 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank ▼8.69 ▼6.79 ▼6.49 ▼6.49
TSB Special ▼7.89 ▼5.99 ▼5.69 ▼5.69
Unity 8.64 6.29 5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.50 5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
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Westpac Special - 6.29 5.79 5.79
Median 8.29 6.32 5.89 5.69

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