Auckland's largest real estate agency posted mixed results in November, with prices and stock levels rising while new listings and sales numbers were lower.
Barfoot & Thompson sold 969 residential properties in November, down 3.3% compared to November last year.
In an unusual trend, the agency sold fewer properties in November than it did back in September this year when it sold 1032, although sales were up from the 930 sold in October.
Prices put in a much stronger performance, with the average selling price increasing to $1,181,829. That's the highest average selling price achieved so far this year, and is up $49,034 (4.3%) from November 2024.
However, the average price is still down by $96,818 (-7.6%) from the record high of $1,278,647 achieved in December 2021.
The median selling price was $995,000 in November, also the highest it has been this year. But that's still $16,000 (-1.6%) lower than November last year, and down $245,000 (-19.8%) from the record high of $1,240,000 in November 2021.
New listings were all over the show with Barfoots receiving 1867 new residential listings in November. That's down from 2167 (-13.8%) in October, but up by 4.8% compared to November last year.
Total stock levels remained high. The agency had a total of 6102 residential properties available for sale at the end of November, up 6.8% from November last year, and the the highest level of stock Barfoots has had on its books in the month of November since 2010.
Barfoot & Thompson Managing Director Peter Thompson said November's lift in prices was driven by increased activity at the top end of the market.
"A feature of November's trading was the return to the market of buyers in the $2 million to $3 million price category," Thompson said.
"Participation in the housing market by buyers in the top end has been quiet for many months but they are now starting to return," he said.
Barfoot Auckland
Select chart tabs
5 Comments
Always a surge in people trading into the School Zones this time of year...for those that can afford it. Perhaps the latest rates drop gets some more over the line.
Better houses come to market in summer, that makes a lot of sense.
The massive overhang continues to grow.
Where will the buyers come from to buy all this stock?
Feels to me that this is occurring because the vendor is wanting more than the market wants to pay, or perhaps there are indeed way way more sellers listing here then qualified buyers.
Maybe Real Estate NZ needs to do a Black Friday promotion next year to clear old stock.
Indeed, or wait to Boxing day sales before the Bank gets it boxing gloves on.
Where will the buyers come from to buy all this stock?
They're already around, either waiting for prices to fall to their liking, or for their purchasing ability to improve via lower rates. Remember, Joe Citizen Consumers spent the last however long getting a bit of a bashing.
Who will hold out the longest? We'll probably know in 12-18 months.
Prices put in a much stronger performance, with the average selling price increasing to $1,181,829. That's the highest average selling price achieved so far this year, and is up $49,034 (4.3%) from November 2024.
That's a bit earlier than I expected, but prices will probably yoyo a bit before going up 5% in 2026, a prediction that all of a sudden doesn't seem as crazy as Gecko keeps telling the world.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.