July 2023 Housing Market Update

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.

Residential sales numbers continue to climb in July

The Auckland housing market once again showed a consistency in line with traditional seasonal expectations during July with sales numbers up on previous months, but prices falling back a little.

“There are many positives to take from July’s data,” says Peter Thompson, Managing Director of Barfoot & Thompson. “For the third month in a row, sales have hit over 700 and prices have remained stable, indicating the market has found a natural plateau and we can expect an uplift in activity as we approach spring.

“Both vendors and buyers should have renewed confidence in current market conditions. A steady increase in sales numbers across all price points and a consistent flow of listings have buoyed the market, and it’s unlikely we will see any large movements in prices as we move out of winter and into the election period.

“We sold 727 homes during the month, which is up just over 2 percent on the previous month, and 19 percent higher than July 2022. It was in fact, our second busiest month for residential sales this year, beaten only by March when we sold 765 homes during the month.

“July’s average sales price retreated a little, to $1,067,070, which was down 2.8 percent on the previous month. Average sales prices have remained relatively static over the last three months, and July’s average was just 1.7 percent lower than the previous three-month average. The median price for the month at $950,000 was down 4.5 percent when compared to June.

“When looking at current prices, it’s important to remember that on average in New Zealand we live in our homes for around seven years before we consider our next move. This means many of those considering listing in the coming weeks and months will have bought their property in 2016, and in the intervening years it’s likely the value of their property will have increased by around 23 percent.

“At 1,213, there was a steady, if slightly reduced flow of new listings coming onto the market during July. This number was down around 4 percent on last month, but more than 3 percent higher than the same month last year.  

“At month’s end, we had 4,076 available listings on our books, which is our lowest number of available listings since January 2022. But, our teams across the city are reporting a significant increase in enquiries from potential vendors as we look towards spring. 

“During July, 217 of all homes sold were under $750,000, and at the other end of the scale, 10 properties sold for in excess of $3 million.

“Across the rural and lifestyle market we sold 20 properties during the month. July was a difficult trading month for this sector for many reasons including banking decisions on lending. This sector is also showing the green shoots of spring, however, with lots of activity from potential vendors and enquiries converting to listings.”

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands. 

For further information, contact Peter Thompson, Managing Director, Barfoot & Thompson, by telephone at 09 307 5523 or 027 453 593. www.barfoot.co.nz.  

Released on behalf of Barfoot & Thompson by Network Communication (Sandy Trigg) telephone 021 231 9406  sandy.trigg@networkcommunication.co.nz    

More market reports
Full list of residential sales