October 2024 Housing Market Update

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

Confidence and activity return to Auckland housing market 

The Auckland housing market responded positively to the recent reduction in home mortgage interest rates with prices and sales numbers in October lifting from winter’s low point.

“The arrival of spring, the reduction in mortgage interest rates and the fall in inflation created positive expectations, and the Auckland market delivered,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“There is now a new found confidence in the Auckland housing market.

“After a challenging winter’s trading, the market has found momentum. Sales numbers were up, there was a clear increase in the prices paid in October over those prevailing through the winter months, and the rise in the number of new listings reaching the market was outstanding.

“The median price for the month at $955,000, was up 2.2 percent on that for September, and reversed a three-month declining trend.

“The average price at $1,129,950, was up 4.5 percent on that for September, and 2.2 percent higher than the average for the past three months.

“These prices were achieved on strong sales numbers of 969 for the month. While sales were down 1.7 percent on those for September, they were 4.6 percent ahead of the average for the previous three months and 14.5 percent up on sales last October.

"Buyers in the under $750,000 price segment were strongly represented in October’s sales data, making up 23 percent of buyers. Buyers in the $2 million and over price segment, made up 7 percent of buyers.

“The increased confidence in the housing market attracted a record number of additional listings from vendors, which was supported by a solid number of new builds reaching the market. New listings for the month were 2,361, the highest number of new listings in a month for nearly three years.

“At month end we had 5,611 properties on our books, maintaining the excellent choice available to buyers that has existed throughout 2024.

“It is anticipated that the high number of available properties will act as a handbrake on prices rising quickly.

“While the rural and lifestyle markets’ to the north, south and west of Auckland were slower to respond to the improved economic outlook in terms of sales for October, salespeople report ‘a whole new market to where it was 12 months ago’.

“New listings in October were up 29 percent on where they were last October, with the Franklin Manukau area in particular showing strong buyer and vendor activity.”

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