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Auckland’s largest real estate agency set new annual price and volume records last month as the property market defied grim predictions of the effects of Covid and was instead dominated by spring fever.
Barfoot & Thompson’s median residential sales price for September was $ 930,000, up from $ 911,000 in August and 890,000 in July.
Sales of 1,099 properties during September outperformed all other months this year, ahead of sales of 1,055 in August and 1,095 in July.
Peter Thompson, managing director, said the market maintained high price gains in August and posted the highest number of sales in a month since the peak of the last real estate cycle in 2017.
A lot of new lists have been made lately, he said.
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“In September, we completed sales of 1099. This was 4.2 percent more than last month and 42.5 percent more than the sales figures in September of last year,” Thompson said.
“The median price increase over August was less than $ 1,500, bringing it to $ 996,945, while the median price increased just under $ 20,000 to $ 930,000.
“While these are record prices in their own right, the reality is that the September average price is 2% higher than the average for the previous three months and the average price of $ 930,000 is up 2.9%.” , He said.
“The current prices that buyers pay show confidence that prices are likely to remain firm in the medium term,” he said.
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About half or 47 percent of sales in September were properties that sold for more than $ 1 million and of these 84, or 7.6 percent of all sales were for more than $ 2 million.
“At the end of the month we had 3,780 properties on our books, the lowest number since March, but 2.3 percent more than in September of last year,” he said.
“Auckland’s north and south rural and lifestyle markets share the shopping activity experienced in urban areas. Potential buyers comment that their enthusiasm is partly due to the Covid-19 closures.
In the old Rodney area north of Auckland, record sales left the list of lifestyle blocks in short supply.
To the south, particularly around Pukekohe, there was strong demand for properties in the $ 1 to $ 2 million category, Thompson said.
Lifestyle buyers were also interested in 1ha lots and land with transferable building rights, he said.
