Figures from Barfoot & Thompson: Almost half of all Auckland homes sold in November priced over $ 1 million

The latest figures from New Zealand’s biggest real estate business showed that nearly half of all Auckland homes sold in November changed ownership for amounts in excess of $ 1 million.

“The average price at which homes are selling, compared to the June average when the market found new momentum, is 10.8%. The median price increase is 7%,” said Peter Thompson, Principal manager of Barfoot & Thompson.

“At the beginning of the year, $ 1 million homes accounted for about a third of our total sales, but over the past two months they have accounted for just under half of all sales.

“And for the second month in a row we sold more than 100 homes for more than $ 2 million.”

November sales saw the market break average and median price records.

“Current prices are not deterring buyers or concerns about whether the residential property will hold its value in the coming months,” Thompson said.

“Buyers are convinced that the time is right to buy, and if they have the support of their bank and can meet the repayments, they are prepared to commit.”

Auckland has now seen five months of sustained month-over-month growth, and sales during November were the highest in more than five years.

During November, Barfoot and Thompson sold 1,551 homes at a median price of $ 1,055,971 and a median price of $ 974,000.

“Just once before, in March 2015, we have sold 1,500 homes in a calendar month,” said Thompson.