Barfoot & Thompson's August sales down with prices largely flat, with 'solid buyer's market' continuing

Auckland's largest real estate agency ended winter on a quiet note, with sales down and prices flat.

Barfoot & Thompson sold 787 residential properties in August, down 6.9% compared to July, and 11.5% lower than August last year. That was Barfoot's lowest number of sales in the month of August since 2022.

New listings in August were also lower. The agency received 1456 new listings during the month, down 6.1% from July and down 10.2% compared to August last year.

Barfoot's total stock of residential properties for sale remained elevated, but flattened out in August, with 5870 properties on its books at the end of the month, almost unchanged from 5873 at the end of August last year.

Selling prices were also largely flat. Barfoot's average selling price was $1,098,487 in August. That was down $3982 (-0.4%) compared to July, but up $17,455 (1.6%) from August last year.

The median selling price was $955,000 in August, up $10,000 (1.1%) from July, and up $5000 (0.5%) from August last year.

Barfoot & Thompson Managing Director Peter Thompson said there were signs the Auckland market may be at a "tipping point."

"Buyers are there and interested but are yet to be convinced that the upward price cycle is about to commence," Thompson said.

"They are still waiting for confirmation the return of rising prices is about to get underway," he said.

"It remains a solid buyer's market, but there are signs that prices are hardening," he said.