Sales dipped to a three year low for the month of July at Auckland's largest real estate agency, while selling prices were flat overall.
Barfoot & Thompson sold 845 residential properties in July, down from 890 (-0.6%) in June, and well below the 957 (-11.7%) it sold in July last year.
Selling prices were just a tad softer, with the agency's average selling price declining $5,476 to $1,102,469 in July from $1,107,945 in June (-0.5%). That was still up $2114 (0.2%) compared to July last year.
Barfoot's median selling price was $945,000 in July, up $5000 compared to June, but down $5000 from July last year.
Essentially Barfoot's selling prices have remained flat for the time of year for the last four years.
New listings picked up a bit with 1551 received in July compared to 1458 in June (up 6.4%), while the total number of residential properties on the agency's books declined slightly from 6037 in June to 5943 in July (-1.6%).
"The Auckland housing market was in hibernation in July," Barfoot & Thompson's monthly report said.
"Sales and prices remained consistent with where they were in May and June and where we have come to expect them to be at this time of the year," Barfoot & Thompson Managing Director Peter Thompson said.
"The market has just ticked over quietly during the winter months and has resisted drifting down while uncertainty around the Middle East and and an economic recovery have dominated the headlines," he said.
"The next step is for the market to find a sense of direction as winter tails off," Thompson said.
Barfoot Auckland
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17 Comments
Hibernation compared to 2021? Maybe the last few decades was highly abnormal and this is the expected norm?
Could well be. The last few decades of low rates, govt support, high immigration, and rampant speculation is clearly over. Yield based math still disconnected from price. On that basis... down down down in ponzi town.
Could well be. The last few decades of low rates, govt support, high immigration, and rampant speculation is clearly over. Yield based math still disconnected from yield. On that basis... down down down in ponzi town.
Look at the correlation between the Ponzi and money supply growth and household debt as a proportion of debt / income. That's all you need to know.
Uncle Phoenix has got this one in the bag.
That Parrot is Dead.........
The Ponzi Parrot, been drinking from the increasingly stagnant and now turning greenly toxic, ponzi pond.....
Them bad waters, which was once the easy giver of riches, now sickens and drowns, those who chance a Property Ponzi Dip.
PPD, an awful NZ inked disease, dropping the big and small punters alike, now being beaten out of the NZ mindset.
A GOOD THING.
Debt has turned toxic as households experience per capita stagflation combined with rising mortgage rates and declining house prices in real terms.
As cashflows are squeezed with equity eroding, this next summer selling season could be a bit of a head turner
Yep, next large, market leg down comming.
The only question is, how big a leg?
Chicken leg?
Lamb leg?
More likey a Big old Bison leg!
LMAO 🤣🤣🤣
Yep, people have seen so much of their own, friends and/or family's disposable income hoovered up by the banks, and subsequently realised that getting that monkey (mortgage) off of their back is the #1 priority to have more control over their lives and financial future. People paying off debt isn't good for the 'system' as they aren't out spending money into the economy, and businesses then suffer. Ups and downs really, but it will take some time before people are willing to splurge to the same degree as years past. Pay rises are looking bleak nationwide currently, and you know the saying: you pay peanuts, you get monkeys.
Real economic pain has spread far and wide. There could be a paradigm shift unfolding and no amount of property seminar spin can magically dispel reality.
First home buyers are squeezed on all fronts with cost of living crisis increasing while looking at their friends sitting on negative equity.
The mainstream narrative has been forced to accept reality - they’ve had to stop calling the bottom after countless failed attempts. And they're giving these young first home buyers a platform to voice their negative equity pains.
Meanwhile listings accumulate... I sense we’re heading toward another inflection point
Hibernation suggests a sleeping state. Dead in the water is more appropriate.!
Indeed, and taking on water. Who has that sinking feeling....
Yet agents are still taking listings at 2021 CV+. Of course nothing sells, it's actually worse than 2023 in my area. Apparently they don't need the money.
any moment hamish will be along to tell us confidence is building
I suspect Hamish is actually Ashley Churchless, in Interest drag?
Same Ponzi train traits:
1. Very pro rentals. God wills it.
2. Market is just about to turn up bigtime! God wills it.
3. Very much wrong on every proclamation, since 2021 ! (God has obviously forsaken the rental owning, people farming, business model)
It is amazing looking at the market, how much stock there is for sale, and especially large family homes, I think - what is the market for such properties? Many are empty, and have been on the market for a long time, and I wonder - do they not need to simply slash the price to release the equity, or is that not the Kiwi way? I write as someone who has seen two major crashes in the UK.
Indeed. Here people would rather survive on canned dog food than take less than they think is their due.
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