Sales slowly getting back to market driven cycle

The agency sold 711 properties last month. The number of sales is comparable with the same month pre-pandemic and 3.9% higher than June last year, following April’s record low. 

“The current housing market cycle is probably one of hardest Aucklanders have been through in recent years,” says Peter Thompson, Barfoot & Thompson managing director says.  “And while it is still tough, there continues to be positive signs we are now entering into a period of more stability.”

Last month’s average sales price at $1,097,896 was up 2.5% on the previous month’s average and sat 1% higher when compared to the average price of the three months preceding. The medium price at $995,000 increased by 4.2% when compared to May.

“When all recent house price rises and falls are taken out of the equation, the only period we can meaningfully compare house prices to is 2019 when we were last in a true market-driven cycle,” Thompson says. Both the average and median sales prices achieved during June are about 17% higher when compared to the same month four years ago.