March 2024 Housing Market Update

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

March Activity and Prices Breach Auckland’s Property Log Jam

Residential property sales in Auckland in March made a significant breach in the log jam of homes that remained unsold in the first two months of the year.

“March was the most active trading month the Auckland housing market has experienced in the past two years” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The log jam was breached, and we sold 1061 properties in the month, the first time we have exceeded the 1000 mark in two years, and the prices paid for those homes were the highest in 18 months.

“Both the median and average sales prices have now moved above the $1 million mark.

“The median sales price at $1,050,000 was up 8.2 percent on that for the previous month, and the median price is now 4.2 percent higher than the average median price for the previous 3 months.

“The average sales price at $1,227,495 was 10 percent higher than last month and is up 8.9 percent on the average price for the previous 3 months.

“Both the median and average price are higher than they were at the same time last year.

“In March, buyers made the decision that at current prices property represented value for money and that they were prepared to live with mortgage interest rates at current levels.

“Now that confidence has returned to the market, there is every prospect that buoyant conditions will continue through Autumn.

“New listings continued to reach the market at strong levels, with 1952 listings in the month, and at month end we had 5741 properties on our books.

“While we sold homes at the equivalent of 34 a day, the level of new listings outpaced sales and the choice of homes for sale in Auckland remains the highest it has been for more than a decade.

“A feature of March’s sales was the return in strength of buyers at the top end of the market, with 89 homes being sold for more than $2 million and of these, 27 sold for more than $3 million.

“Sales in the rural and lifestyle markets were in line with those experienced 12 months previously.

“While these markets did not experience the lift in activity seen in the Auckland metropolitan area, there was a general feeling of more confidence among vendors and buyers. Higher listings in March over those in the early months of the year gave potential buyers in these markets greater choice than has recently been available.”

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