Steady gains post-market low
The Auckland housing market continued its recovery from last year’s low, although it saw a partial retracement in April, giving back half the gains from March, according to Barfoot & Thompson.
”April’s trading did not match March’s breakout result, but was still a solid performance,” said Peter Thompson (pictured above), Managing Director of Barfoot & Thompson.
Incremental gains in Auckland property values
While the market did not sustain March’s peak, there have been notable improvements since last year’s low.
“Since the start of the year, the median price has increased by 4.2% and the average price by 11.9%,” Thompson said.
Specifically, the median sales price in April was $1,007,500, up 1.3% from the previous year but down 4% from March. The average sales price was slightly reduced from March by 1.2% to $1,212,828, still marking an 11.6% increase from the year before.
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Sales volume and listings in Auckland
April saw a reduction in sales volume with 704 transactions, down a third from March, yet it was the highest April figure in three years. The market also saw an influx of new listings; 1,580 new properties were listed in April, the highest for the month in three years, Barfoot & Thompson figures showed.
“From a buyer-choice point of view, housing remains a buyers’ market with the number of properties listed at month end at 5,770, the third month in a row that total listings have remained above 5,000,” Thompson said.
Robust high-end sales
The upper segments of the Auckland market demonstrated resilience, with 57 properties selling for $2 million or more, constituting 8.1% of all sales, including 12 homes that sold for more than $3m.
Rural and lifestyle segment
There was also notable activity in the rural and lifestyle segments, where $40.2m worth of property was sold in April, nearly 50% more than the same period last year.
Despite these robust sales, available properties for sale in these markets remain high, providing ample choice for potential buyers.
Read Barfoot & Thompson’s April 2024 Housing Market Update here.
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