Auckland's largest real estate company made its highest number of sales last month since March 2022, while the median price rose for the first time since March of this year.
Barfoot & Thompson managing director Peter Thompson said 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.
"August was the most positive sales month in the past 17 months," he said.
"Not only did the number of sales during the month increase significantly, the median sales price at $982,500 was up 3.4% on that for July."
The median was, however, still well down (-11.6%) on the $1,111,000 for the same month a year ago.
Thompson said against where the market has come from, August’s results are only "a modest step forward", but the level of buyer motivation was the best it has been for more than two years.
"Once the General Election is behind us, we can anticipate sales activity increasing and a good, steady market through to year end."
In August the company sold 879 properties, 20.9% more than in July 2023. The latest figure was also 22.1% higher than the average number of monthly sales for the previous three months and 52.1% more than the just 578 that were sold in August 2022.
The 879 properties sold in August is the highest since the 1180 sold in March 2022.
The average sales price at $1,088,457 was also up 2% on the $1.067.070 in July and up 0.9% on the $1,078,595 average across the previous three months - though down 6% on the $1,157,899 average in August 2022.
New listings for the month at 1577 leapt 30% on those for July. New listings this August were up 13.1% on where they were last August.
The 1577 new listings in August was the highest tally since November 2022, when exactly the same number were listed. To find a month with more new listings, you have to go back to March 2022 when there were 1994 new listings.
"At month end we had 4155 properties on our books, 1.9% more than at the end of July. Anything above 4000 gives buyers an excellent range of properties from which to choose," Thompson said.
The 4155 properties available at month end is, however, still well down on the average throughout 2022 of 4623.
The 21 properties that sold in August 2023 for more than $3 million was the highest number since May of 2022, when the figure was also 21.
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