June 2022 Housing Market Update
| Time period | Number of sales | Total value of sales |
|---|---|---|
| June 2022 | 684 properties | $792,389,986 |
| June 2021 | 1,234 properties | $1,421,157,098 |
| 12 months to June 2022 | 10,689 properties | $12,864,982,210 |
| 12 months to June 2021 | 15,319 properties | $16,362,097,373 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
Auckland Median Sales Price in June Surprises Market By Rising
The median price paid for Auckland residential houses defied expectations in June and rather than falling, increased by 2 percent on that for May.
“No one saw that modest increase coming,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“The $1,147,500 median price stopped a three-month gradual decline in the median price and was 3.5 percent higher than the median price in June last year.
“The average price, at $1,158,464, did decline on that for May by 2.6 percent but it also remained higher than the average price for June last year by 1.3 percent.
“Rather than seeing the median price increase as a low water mark, it is more likely to be a statistical blip that can occur when comparing statistics on a month-by-month basis.
“It was not caused by any significant shift in the numbers of homes being sold in various price brackets, with the sales numbers in the $2 million and $3 million price segments remaining constant with the lower priced categories.
“It does signal that house prices are not in full retreat and are moving back gradually as vendors recognise that if they want to sell, they need to have some flexibility as to price expectations.
“What did fall significantly in June was the number of homes sold and the 684 properties we sold was down 12.5 percent on that for last month and 45 percent down on the same month last year.
“Sales of properties for the month were the lowest they have been in a June since 2010, when the market was recovering from what economists termed a ‘technical recession’.
“As occurred in 2010, it is in the number of sales being made where the impact is being felt most.
“Rather than accept the prices on offer some homeowners are removing their homes from the market.
“This effect can be seen in the number of properties for sale at month end.
“Although we listed 1255 new properties during June, more than double the number we sold, total listings at month end had fallen by 0.5 percent on the previous month to 4676.
“Trading in the rural and lifestyle markets to the north and south of Auckland was typical for mid-year, with sales of more than $74 million. This was 14 percent down on sales in May but 7 percent higher than in June last year.”
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, telephone 09 307 5523 or 027 453 593. www.barfoot.co.nz.
Released on behalf of Barfoot & Thompson by Network Communication (Dennis Lynch) telephone 021 963 733 Dennis.lynch@networkcommunication.co.nz
| June | Previous Month | Previous 3 Month Average | June 2021 |
|---|---|---|---|
| Average Price $1,158,464 |
$1,189,779 -2.6% |
$1,212,242 -4.4% |
$1,143,328 +1.3% |
| Median Price $1,147,500 |
$1,125,000 +2% |
$1,149,000 -0.1% |
$1,109,000 +3.5% |
| Sales 684 |
782 -12.5% |
859 -20.4% |
1243 -45% |
| New Listings 1255 |
1416 -11.3% |
1571 -20.1% |
1485 -15.5% |
| Month-End Stock 4676 |
4701 -0.5% |
4787 -2.3% |
2864 +63.3% |
More market reports
Full list of residential sales