Key Facts

  • In December’s first week, 275 Auckland residential properties were signed up to be sold, falling to 258 places in the second week and 227 in the week before Christmas.
  • In December, the agency recorded 830 unconditional sales contracts, compared to 956 in November and 431 in January.
  • Average sales price last year by Barfoot & Thompson was $1,104,030, which is a decrease from $1,176,087 in 2022.
  • In the third week of December, the agency had 4383 residential properties for sale, including apartments, standalone homes, townhouses, and bare land.
  • The median sales price at the end of 2023 stood at $1,045,000, a 12-month high that was 9.5% higher than July’s low and 2.7% up from November’s median price.
  • Total sales in December stood at 830, a notable increase given it’s a three-week month, and nearly 60% higher than the previous year.
  • Despite the recent rises, Auckland’s median sale price for 2023 was $998,479, which is lower than 2022’s average median at $1,117,166.

Article Summary

The latest data from Auckland’s biggest real estate agency, Barfoot & Thompson, provides insights on the city’s property market trends in December. The agency sold 830 residential properties in December, a slight decrease from November but significantly higher than January numbers. Although sales in December were 60% higher than the previous year, the 2023 median sales price of $998,479 was lower than the average median of $1,117,166 recorded in 2022.

On a weekly basis, signed contracts for selling homes declined steadily in December, possibly attributing to the festive season’s distraction. Interestingly, the average sales price per property was $1,104,030 in 2023; this was lower by $72,057 compared to 2022, indicating tougher market conditions influenced by high interest rates.

Average and median prices aside, the amount of available properties stayed relatively consistent. The agency had 4383 residential properties available for sale in the third week of December, similar to the 3000/4000 range regularly seen in the past decade. Moving into 2024, Barfoot & Thompson’s Managing Director Peter Thompson expects a positive start, highlighting the high median sales of $1,045,000 to end 2023.

Source Link: To read the full article, click here.