August 2024 Housing Market Update

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

August sets scene for a confident spring Auckland housing market

Signs that the heralded recovery of the Auckland housing market is imminent can be seen in the high number of properties sold in August and the prices paid for those properties. 

A quiet confidence rounded out winter across the Auckland residential housing market during August, as sales and listings continued to outperform seasonal expectations.

“All indications point to the subtle confidence we have seen return to the Auckland residential housing market in the past few months continuing to grow as we enter spring,” says Peter Thompson, Managing Director of Barfoot & Thompson.

“While the market hasn’t broken any records during the last month of winter, it has continued to display welcome markers of sustained confidence with sales and listings performing well, and prices remaining stable. It’s this solid reliability that has laid the groundwork for a promising spring and summer.

“Unquestionably, the market is stirring, and there is every reason to believe the more challenging times are behind us. During the month, we sold 889 properties across the city, the highest number of sales for the same month since 2021 and new listings at 1,454 were the second highest in any August since 2017. 

“The median sales price in August was $952,500, marginally lower than July’s median price, and 3.1 percent lower than the same month last year.

“And the average price at $1,107,837 was also slightly down at 1.6 percent lower when compared to the previous month, but nearly 2 percent higher than August 2023.

“We are coming into a new season in a market where vendors and buyers have reached a consensus that the market is stabilising price-wise, and the more mortgage interest rates ease back, the more active the market will become.  

“Exactly mirroring July, and a reflection of the wide variety of property currently available across Auckland, during August 22.3 percent of the property sold was under $750,000, while sales in the $2 million plus price segment accounted for 5.2 percent of sales. 

“The rural and lifestyle market experienced its second busiest month of the year during August with total sales reaching $56 million.”  

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