Barfoot & Thompson says vendors may have reached their floor price
Prices at Barfoot & Thompson, Auckland's largest real estate agency, held broadly steady in September even as sales fell to a five-month low, according to the agency's latest market update.
The agency, which says it sells around one in three Auckland homes, recorded 768 sales for the month. That is down 25.6% on September 2025 and 22% below September 2024, and the second-lowest monthly total of the year. Even so, the median sale price rose 1.1% year-on-year to $940,000.
"While sales activity is low, prices are remaining constant and vendors may well have reached their floor price," managing director Peter Thompson (pictured) said.
Prices defy falling volumes
This was the second consecutive month in which prices had not tracked the drop in sales, an unusual pattern, Thompson said, as lower sales normally lead to falling prices.
The average sale price of $1,074,865 was 2.2% lower than in August and 1.4% below a year earlier. However, the average has been above its year-earlier level in six of the nine months so far in 2026.
Asking prices tell a softer story, with Auckland's average asking price dipping below $1 million in September for the first time in six years, to $993,562, according to realestate.co.nz.
Stock builds as spring listings lift
New listings jumped 21.5% from August to 1,769, the highest in six months, taking month-end stock to 6,203 properties. That's the highest in five months and 7.4% more than a year earlier.
"There is no shortage of property for sale," Thompson said.
The same trend is visible across the wider city, with realestate.co.nz reporting total Auckland stock up 13.8% on a year earlier at 13,958 homes.
Activity held up at the top of the market, with 39 sales above $2 million in September. Lifestyle and rural sales on Auckland's fringes topped $50 million, their best month in six.
Movers wait for the election
Thompson said first-home buyers and investors remained active, but homeowners looking to sell and buy again were holding back ahead of the upcoming general election.
"While first time buyers and investors remained active, the 'mover' market is taking a more 'wait and see' approach as we move closer to the general election," he said.
He expected confidence to improve once the result was known and the country's economic direction became clearer.
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