Barfoot & Thompson's residential property sales dipped lower in September, disappointing those who had been expecting a spring bounce.
The agency, which is the largest in the Auckland market, recorded 825 residential sales in September, down from 879 in August (-6%).
However, apart from August, September's sales were the highest in any month since March last year and were up 34% compared to September last year.
Price signals were mixed, with the average selling price dropping almost $30,000 to $1,058,771, compared to $1,088,457 in August.
The agency's average selling price remains down by almost $220,000 compared to the record high of $1,278,647 set in December 2021.
However, the median selling price increased by $4500 compared to August at $987,000 in September.
That was down by $253,000 compared to its November 2021 record high of $1,240,000.
New listings also took a dip to 1469 in September compared to 1577 in August but were up by 168 (13%) compared to September last year.
Stock on hand was also up slightly with Barfoot having 4192 residential properties available for sale at the end of September compared to 4155 at the end of August and 4567 at the end of September last year.
"With the General Election almost behind us and the summer season ahead, we can now look forward to a return of the normal seasonal upturn that occurs post-September," Barfoot & Thompson Managing Director Peter Thompson said.
"The prospects for a healthy recovery in the housing market leading into Christmas look promising."
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53 Comments
high end falling/lack of sales?
Bumps as expected but we’re definitely past the big drops stage.
Love your comedy Icey !
The currently soggy, wet box bottom, is about to have the arse fall out of it!
The much higher interest rates that are certainly comming..... Guarantee it!
Do you own or rent clown?
Probably both ..and his comment is bang on..what's the matter iceman ais climate change melting you?
The increase (see today's article) in non performing banks loans disagrees with you, as does the people getting hit with reductions in pre-settlement finance due to lower valuations. Accordingly anyone smelling a whiff of FOMO just got a large shovel of FOOP in their face.
As interest rates remain HFL, with a risk of further increases, do you have facts or stats to back this up or is it the ponzi goggles talking...?
"As interest rates remain HFL"
What does HFL mean / stand for?
High For Long ????
"Higher for Longer" :)
Hey Iceman, how many houses did you buy this year? Are you that scared of big drops coming up and now trying to talk up the market on an investors website? ;)
Waste of time trying to talk to the idiots on here. Haven’t bought any for a few years, but thanks for your concern. Keen to see all your faces when the downturn is truly over soon.
You are the clown ‘Iceman’. Calling people DGMs because they know house prices will come back to more reasonable levels.
Hahaha every single post you make is like a five year old throwing their toys because they aren’t getting their way.
You only have to read any Facebook property groups or Reddit feeds to see what’s really going on but you do you champ.
The people who are really worried are the ones who bought over the past 2 years, not me. Wait till the end of the decade and see what happens. What’s going on is a correction after the crazy covid gains. But you’d know that smart cookie. Love to see the muppets on here (mainly a bunch of anti investors) who have nothing better to do or gain in life rejoice at the drops. Let’s see how long that will last.
Yep nailed it 'Iceman' - we are all anti-investor and envious of your success. I will give myself fifty lashes to atone for not bowing down to your superior intelligence and all round altruistic nature. Hail 'Iceman'! 🙇🏽
It’s an amazing feat not to feel self embarrassment - I envy you.
Bumps as expected but we’re definitely past the big drops stage.
Unwinding of the Japanese property bubble - commercial and residential - never had any "big drops". It was death by a thousand cuts.
Clearly someone has bumped their head..take care man.. don't melt away..
Dgm, what’s your life like with that continuous gloom? Missed your chance on buying again take it?
Ah. You don't like being called out.. not sure if you need ice or mice
answer the question - still haven’t bought? Last three months HPI was up, don’t forget that. Not being called out on anything here. I’m just speaking on what I think will happen to the property market. Don’t take it personally….
You seem to be taking it personally and asking personal questions.. I know you have a low IQ, but I don’t ask how smart you are...
Trying to understand who I’m talking to as they sound like an idiot telling me to get financial advice. Always keen to learn more from people who have done more and made more - thanks for confirming you don’t fall in that category.
methinks Iceman is in the denial stage. Gonna be a glorious summer watching late ponzi entrants scramble.
There will be many angry and repulsive folks for a couple of years to come.. until rates drop.....
Hmmmm....what would make rates drop again?
All good things do come to an end...
Even then, a modest .25% drop will not magically blow life into an overstressed market
This market has inertia, it's not like interest rates dropping from something like 6.25% to 6% will mean everyone can party as if it's 2021 again
No denial, was expecting this correction. Its my tenants I feel sorry for who have received in excess of $40 a week rent increases.
Iceman $40 wouldn’t cover much if your mortgage on rentals has jumped from 3% to 7% you might need to sell one or two to keep afloat. Did you see the financial advisor as crunch time is coming.
DTRH, lucky for me I fixed sub 3 for 5 years then. Also I recognize that those low rates were an anomaly. Don’t worry about me too much mate. You just sound a bit sour and tall poppy. It’s obvious you’re the one trying to get on the ladder and the one who needs the advice. Don’t be embarrassed about it.
Iceman I have to laugh you said your tenants will have to pay $40 more and you feel sorry for them, just reminds me of Rigsby from rising damp do you have a miss Jones in one of your rooms.
By this time next year we will me Millionaires...... different era but same comedy
I’ve been in the “ponzi” for just over a decade and haven’t bought recently. So pretty happy mate.
I am more than happy with small consistent drops from now on
The falling knife continues to drop.
Some will try to catch it with two wads of $100 bills!
Evidence suggests this dead cat bounce will soon be in the rear vision mirror......
Is that humour from you
calm down you dont want to blow up two accounts in a week
Interesting stats right before an election, really the market should be really dead right now but the resilience of the housing market in NZ is amazing. Looks like the bottom is in and we can expect slow gains from here.
Looks like the bottom is in and we can expect slow gains from here.
That's the general consensus at most water coolers. I mentioned about the alarming news of the RBA hiding documents showing that even high-income, middle-class Aussies are in financial crisis. The reactions were muted but my mates looked at me as as if I were some kind of anti-Christ.
https://www.news.com.au/finance/money/costs/secret-rba-documents-reveal…
Professionals getting head hunted to AUS everyday. Who will be left to buy the top end?
“Professionals getting head hunted to AUS everyday. Who will be left to buy the top end?”
New arrivals with loads of money.
In your dreams. Shortages of professionals grow by the day. Have a chat with anyone in medical.
Aus and NZ stocks getting battered today. So many housing articles, how about one on the sharemarkets.
Or one about the sharemarket funded out of mortgages...
Looks like all the pent up FHB demand blew its load a bit early - watch as inventory rockets up after the election, especially when Winnie pulls the plug on the $2m+ home sales to foreigners.
Is anything else giving a vote for Winnie a serious thought? i had been thinking TOP or Greens, but a vote for Winnie will be more impactful in possibly stymying some of the Nats nonsense
I voted winnie (oseas voter), not because I like him, but because he will hopefully handbrake the nats attempts to reignite the house collectors madness.
I was seriously considering it but his performances over the past week have been hard to stomach. Cant answer a simple question about his policy, told us he would release costings on Sunday only to be told it would be after the OCR review cause somehow that would effect it? He's quite unstable.
That's because he has no policy other than to get as much airtime as possible while throwing a spanner in the works on everything. If that clown gets in he will totally wreck the National first term and then all the Labour supporters can then rave on how crap National was. What we don't need now is 5% of the vote tail wagging the dog crap right now.
winnie and David are both battling to lose my vote
Has NZ FIrst stated they will stop this policy? Been trying to find info to confirm one way or the other but nada. TIA
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