Auckland's largest real estate agency had a solid level of sales in June although selling prices were softer.
Barfoot & Thompson sold 890 residential properties last month, up slightly (+1.6%) from 876 in June last year. It was also the most properties the agency has sold in the month of June since the boom year of 2021.
It also comes on top of the the 885 properties sold in May, which gives Barfoot two consecutive, reasonably solid months of sales for the time of year.
But while sales numbers were firm, selling prices were softer.
Barfoot's median selling price dropped to $940,000 in June, down $40,000 (-4.1%) from May, and down $41,500 (-4.2%) from June last year.
It was also the lowest median selling price in the month of June since 2020.
The real estate agency's average selling price was $1,107,945 in June, down $49,268 (-4.3%) from May, and down $22,890 (-2.0%) from June last year.
New listings were also solid with 1458 received in June, up 3.8% compared to June last year.
Total stock for sale fell slightly with 6037 properties on the agency's books at the end of June, down from 6188 at the end of May.
However, stock levels are still elevated, and the 6037 properties Barfoot had for sale at the end of June was the most for a June month since 2008, putting stock levels at an 18-year high.
"The market is in a state where buyers are active and where vendors, understanding that there are high levels of stock available for sale, are being realistic about sale price," Barfoot & Thompson Managing Director Peter Thompson said.
"Property in the under $750,000 price range attracted a great deal of interest, and nearly a quarter of all our sales in June were in this price category," Thompson said.
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12 Comments
Vendor capitulation phase beginning.
To pick up further downwards momentum, towards a 2030s bottoming.
Indeed. Smacky bottom for speculords.
Barfoot in May: Auckland Housing Market Shrugs Off Middle East Concerns
Well, that didn't last..
and the 6037 properties Barfoot had for sale at the end of June was the most for a June month since 2008, putting stock levels at an 18-year high.
Oh dear
Agreed. The greed hangover of ever greater unsold properties is the yet to explode fuel on the fire. Speculords will increasingly become familiar with the spelling of "capital loss".
Fits well with the Orange Swan narrative
And we still have 30 orange months ahead of us
40k in a month is like $1,290 a day....
Probably nothing
Not sure why anyone would be in a rush to buy right now. Like 2021-2022, if you’re willing to wait 12 months you can potentially buy the same place for 10% less a year from now and if a low LVR FHB, potentially avoid a negative equity situation down track .
I still think the FHBs getting into the market now with 10% LVR aren’t safe by any stretch - just as I thought those buying in 2021-2022 with very little equity (and the banks willing to lend to them!) were crazy and risked negative equity (and now find themselves in that situation..)
This is the continuation of a shift from stand alone houses to townhouses in Auckland, which are cheaper to buy. So with the higher proportion of townhouses selling, of course you're going to see a pull-back in average sale prices. FHBs are wise getting in now, while the vendors are motivated and stock is high.
People were saying the same in 2022.
The lastest poll has TOP in parliament with a 6% result.
The land tax ponzi torpedo is locked and loaded. Even TOP acknowledged their policy would likely result in a 15% drop in current prices. That combined with the ever increasing overhang of unsold ponzi boxed all wanting "not market" means you would have to mad to not wait till post election.
Specudebtor bag holders... enjoy your ongoing capital erosion while topping up loss making crashflow.
🔥 🔥 🔥
TOP will never force their stupid taxes through a coalition, but worry that they might will cause another 10% drop before election , and then the nutty left will probably cause another 10% on top of that, without land taxes.
which ever way is down, things crap under National, crapper under the left.
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