September 2024 Housing Market Update

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

Auckland residential house sales pick up pace through September

Auckland residential house sales had a spring in their step during the month of September with sales of properties throughout the city up nearly 11 percent when compared to the previous month, and up nearly 20 percent when compared to the same period last year.

“During September we sold 986 properties, making it our second busiest month of the year, and in fact, the second busiest month for sales across our network for nearly 2 and a half years,” says Peter Thompson, Managing Director of Barfoot & Thompson.

“Undoubtedly there is a renewed energy in the market, throughout the month we had 1560 new listings come on to our books, which is the highest number of new listings in September since the same month in 2020. And we finished the month with 5039 available properties, our lowest number since January.

“The average price for the month of September was $1,081,269, which is 2.4 percent lower than the previous month. And while there has been a gradual creep back of property prices during the year, average prices are still around 2 percent higher than this time last year.

“The median sales price in September was $934,500, 1.9 percent lower than August’s median price.

“There is a wide variety of property styles on the market at the moment, across all price points, with a growing number of new build apartments and townhouses becoming available, making it a very interesting market for buyers.

“During the month, 56% of all the properties we sold were under $1 million and nearly a quarter were under $750,000. And at the other end of the market, we sold 56 properties over $2 million and 12 sales were for over $3 million.

“It was also a busy month for the rural and lifestyle market with 37 properties sold accounting for sales of over $60 million.

“It is in sales numbers that I anticipate we will continue to see the signs of a market upturn, ideally with prices edging up gradually. All the economic indicators are pointing to the Auckland housing market being in good shape to move forward – if not in the last few months of this year, then certainly in 2025.

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