Auckland House Prices Break $ 1 Million Barrier: New Barfoot & Thompson Data Released

Auckland home prices set by the city’s largest agency have set a new record, the average exceeding $ 1 million for the first time.

Peter Thompson, managing director of Barfoot & Thompson, said the median sales price reached $ 1,045,104 in October and the median was $ 967,000.

“Both are important milestones in terms of Auckland house prices and are a reflection of current property demand and people’s confidence in the medium term future of Auckland property prices,” said Thompson.

“While there is great interest in the property from first-time buyers and investors, the vast majority of homes continue to be purchased by existing owners who are moving forward with their lifestyle decisions in terms of their housing ambitions. “.

Many homeowners were taking advantage of low interest rates to “move on to the next stage of their lives,” he said.

During October, the agency sold 1,319 residential properties, the most in more than four years.

“Property sales over $ 1 million accounted for 49.5 percent of all sales in October. Until recently, they accounted for about a third of monthly sales,” Thompson said.

“Sales of more than $ 2 million are no longer an exception and in October we sold 102 homes in this price category, representing 7.7 percent of total sales.”

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The OneRoof Property Report, released earlier this week, found that home values ​​had risen the most in the past six months in established suburbs (Milford, Northcote, Kingsland, Gray Lynn and Ponsonby) and in the top spots. of interest to homebuyers on the periphery, such as New Windsor. , Pakuranga, Otahuhu, Opaheke in Papakura and Glen Eden.

James Wilson, chief valuation officer for OneRoof’s data partner Valocity, said that for the south central strip suburbs like New Windsor and others like Onehunga, One Tree Hill and Greenlane, there is a proliferation of first-time home buyers. that drive the market.

“And we’re talking Auckland first-time home buyers here, so they’re playing in that $ 850,000 to $ 1.1 million range. Within that price range it’s been insane. That’s a direct result of groups of home buyers. first home to buy pre-Covid batting, who have kept their jobs and still have a lot of confidence in the market, they have simply plunged. “