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July 2015 housing market update

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Time period Number of sales* Total value of sales
July 2015 1388 properties $1,148,375,040
July 2014 983 properties $707,084,674
12 months to July 2015 13,201 properties $10,194,102,292
12 months to July 2014 12,490 properties $8,539,688,897

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

Auckland property sales race ahead while prices mark time

Photo of Peter Thompson

While Auckland house sales activity was at its highest in more than 15 years during July, price increases stalled with the average sales price at $827,359 remaining much the same as for the past two months.

“In July, the average sales price was within $1000 of that for June, and only $5000 ahead of that for May,” said Peter Thompson, Managing Director of Barfoot and Thompson.

“A stable average price over a three month period is a trend we have not witnessed for some time.

“The combination of high turnover and stable price, points to buyer confidence in the strength of the market at current prices but also recognition that property is fully priced.

“The last three months of trading also demonstrates that high sales numbers can be sustained without prices increasing.

“The first signs that price increases were slowing could be seen in last month’s sales figures, and this month’s results confirm that prices are no longer racing ahead.

“In fact, the median price in July at $757,000 is down $29,000 on that for June, but up $7000 on that for May.

“What continues without pause, however, is property turnover, and in July we sold 1388 homes, 18.9 percent higher than the number in June and 41.2 percent higher than in July last year.

“It is the highest sales figure for a July going back to 1999, and 4.5 percent higher than in July 2003, the year normally regarded as the most active on record.

“New listings at 1777 were the second highest for any month this year (the highest being in March at 1997), and were 27.3 percent higher than in July last year.

“Total listings at month end at 2802 were at their lowest since December last year, and will contribute to choice remaining tight during August.

“Sales of properties in the million dollar plus category at 411 during the month were the second highest on record.

“There was also strong interest in property in the under $500,000 category, with sales numbers reaching 200 and representing 14.4 percent of all sales. In June sales of properties under $500,000 fell to 13.6 percent of sales.

“With Spring approaching comparing market activity in the next few months with 2014 trading could be challenging, as in 2014 trading was significantly impacted by a ‘wait and see’ attitude that developed as we moved towards the General Election. In the lead up to the election sales numbers slowed and prices did not recover until November.”

May 2015 Housing Update

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Time period Number of sales* Total value of sales
May 2015 1225 properties $1,007,131,530
May 2014 1109 properties $779,589,578
12 months to May 2015 12666 properties $9,528,791,048
12 months to May 2014 12662 properties $8,521,834,169

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

Buyers remain confident in stability of Auckland property market

 

Buyers continued to have confidence in the stability of Auckland residential property prices, and in May the average price increased to a new all-time high of $822,148.

“May’s average price was 2.2 percent higher than in April, and since February we have seen the average price increase by 10 percent,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The median price in May at $750,000 declined by $3500, or 0.5 percent, over that for April but since February has increased by 9.2 percent.

“In May sales activity was extremely strong with sales numbers up over those for April by 14.5 percent.

“Buyers are mindful that prices are at an all-time high, but the combination of a sound economy, low mortgage rates and a housing shortage gives them confidence prices are not on the verge of retreating.

“Not unexpectedly, measures announced in the May budget have had no impact on market activity last month.

“If the budget initiatives are to have any influence they are likely to show up in June’s activity.

“With sales in May at 1225 it was the third month in a row when we sold more than 1000 homes in a month. “It was something we never achieved in 2014.

“We had a major listing drive in April and early May, and through this achieved 1740 new listings in May, our highest number in a May for 8 years.

“As a consequence of high sales in May by month end we had only 3060 properties on our books. There have been only two months over the past 16 months when we have ended the month with a lower number of properties.

“In the past decade, only in 2013 have we been able to offer such limited choice as we entered winter.

“Sales of properties for in excess of $1 million attracted strong buyer interest, and we sold 362 properties in this high end category, the second highest number on record behind March’s 420.

“Property sales for under $500,000 at 163 were, for the third consecutive month, below the number of $1 million sales.”

April 2015 housing market update

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Time period Number of sales* Total value of sales
April 2015 1,070 properties $860,582,312
April 2014 811 properties $574,677,832
12 months to April 2015 12,550 properties $9,301,249,096
12 months to April 2014 12,837 properties $8,570,088,056

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

Auckland property sales set new price records In April

Wendy Alexander

For the first time the average price paid for Auckland residential property has risen above $800,000.

While trading activity in April was significantly down compared to March’s extraordinary sales, Auckland residential property prices during the month rose to new heights,” said Wendy Alexander, Chief Executive Officer of Barfoot & Thompson.

“The average price increased to $804,282, which was an increase of 3.5 percent on that for March, while the median price at $753,500 was an increase of 6 percent. “Since the start of the year, the average price has increased by 6.2 percent and the median price by 7.6 percent. 

“While these are significant increases, they are not out of the ordinary in that they are similar to the levels of increase experienced over the past two years. More top end properties are sold in the summer/autumn months than in the second half of the year, and this results in the average price easing back after strong starts to the year.

“Our average sale price increase over the 12 months ending April 30 is 13.5 percent. “Demand for property remained rock solid in April, and is reflected in the prices buyers were prepared to pay. Sales numbers during the month at 1070 were the highest they have been in an April in the past decade.

“New listings for the month at 1580 were in line with new listings in April for the past two years. “At month end we had 3151 listing on our books, which means that after improving in February and March we enter May with the lowest number of properties since January. Lack of choice is again becoming an issue.

“During April we sold 314 properties at prices above a million dollars, the second highest number on record. “157 homes sold during the month went for under $500,000, which represents 1 in 7 of all homes sold. There is a good choice of homes in this price category but LVRs often mean potential buyers cannot meet the home deposit requirements.

“LVRs are materially affecting the sale of affordable homes.”

March 2015 housing market update

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Time period Number of sales* Total value of sales
March 2015 1597 properties $1,240,437,467
March 2014 1392 properties $1,010,185,619
12 months to March 2015 12291 properties $9,015,344,616
12 months to March 2014 13088 properties $8,678,371,357

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

Unprecedented March housing activity sets string of records

Unprecedented sales activity in March has seen Auckland’s residential housing market establish new records for prices and sales numbers.

“March is always the most active month for property sales, but there has never been a month’s trading to compare with the past month,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“It has set a string of new records.

“The average sales price increased by 3.9 percent on that for February, pushing the average sales price to an all-time high of $776,729. It is more than $17,000 higher than the previous record average price set in December last year.

“The median price at $711,000 increased by 1.1 percent over that for February, and is 9 percent higher than the median in March 2014.

“A quarter of all the homes sold in the month were for in excess of $1 million.

“And we sold 1597 homes in the month, the highest number ever in a calendar month.

“Buyers were not put off by the record prices, and for the last two weeks of the month we sold more than 400 homes each week, the highest two weeks trading in the company’s history.

“Buyers remain convinced that with a stable economy, low interest rates and restricted housing availability, that buying at current prices is manageable.

“In the first quarter of this year, the average sales price has risen 6.1 percent over 2014’s average price for the year of $716,588, and March’s average price was 7 percent higher than it was 12 months’ previously.

“During the month we sold 420 homes for in excess of $1 million, 167 more than the 253 homes we sold in March last year, which until now was the highest number of $1 million homes sold in a month.

“At the same time we sold 300 homes for under $500,000, which represented 18.8 percent of sales.

“Current high prices are encouraging more home owners to bring their property to market, and during March we listed 1997 new properties, the highest number in the past 17 months.

“At month’s end we had 3347 properties on our books for sale, the highest for 10 months.

“While sales activity in April is unlikely to match that for March, given the relatively good level of choice available trading can be expected to remain extremely active.”

Showcasing your Home

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When it comes to showcasing your home – less is more.  People often think they need to paint, put new carpet down or replace the curtains before they put their home on the market.  While these improvements help sell the home they won’t always get you the best ‘bang for your buck’.  Here’s some simple, cost effective tips that will help you do a great job at showcasing your home to buyers.

  • Let the light in. People love sunny, light homes.  Make sure you pull up the blinds, draw back the curtains and flick on the lights.
  • Maximise space. Put everything other than the essentials away.  De-cluttering your home helps it look more spacious and therefore larger.  Think of showhomes you have been to – do they have high chairs or clothes baskets out?  Keep furniture at a minimal.
  • Remove personal items. Buyers imagine themselves living in your home.  Give them a blank canvas to work with.
  • Keep it clean. This helps give the impression that it’s looked after and well maintained.  Get those ugly marks off the walls, wash the windows – it all helps.
  • Street appeal. This is buyers first impression so make sure it’s a good one.  Tidy the gardens, brush away the cobwebs and mow the lawns.  Make your house look inviting.

Barfoot & Thompson raise $160K for Starship

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In 2014, our staff raised $160,000 for the Starship Foundation. This money will be used to buy breathing and ventilating equipment for Starship. Find out how our staff got involved in such a great cause – and had a lot of fun along the way.

In 2014, our staff raised $160,000 for the Starship Foundation. This money will be used to buy breathing and ventilating equipment for Starship. Find out how our staff got involved in such a great cause – and had a lot of fun along the way.

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