Auckland's largest real estate agency had a slow start to spring, with the number of homes sold and their selling prices both lower than a year ago.
Barfoot & Thompson sold 768 residential properties in September, which was down 26% compared to September last year and was the lowest number of sales the agency has made in the month of September since 2022.
It is also the third consecutive month of sales declines this year.
Prices also eased back.
Barfoot's average selling price was $1,074,865 in September, which was down by $23,622 (-2.2%) compared to August and down by $14,821 (-1.4%) compared to September last year.
The agency's average selling price has now declined for four consecutive months and in September was at its lowest point since February this year.
The agency's median selling price declined from $955,000 in August to $940,000 in September (-1.6%) but remained up by $10,000 (1.1%) compared to September last year.
There was also a good lift in the number of new listings coming through the agency's door, with 1769 arriving in September, up 21% compared to August, signalling the start of the spring selling season.
However the biggest increase in September was in total stock levels, with Barfoots having 6203 residential properties available for sale at the end of September, up 7.4% compared to September last year.
That puts the agency's total stock for sale at its highest level for the month of September since 2008, which means buyers will continue to have plenty to choose from heading into summer and vendors will need to avoid being overly optimistic with their asking prices if they wish to make a sale.
"While first time buyers and investors remained active, the 'mover' market is taking a more wait and see approach as we head towards the General Election," Barfoot & Thompson Managing Director Peter Thompson said.
"The market will benefit from a more confident view that is likely to develop post the General Election and the country's economic way forward becomes clearer," he said.
Barfoot Auckland
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