Market adjusts to economic conditions
Auckland residential property sales by Barfoot & Thompson, the city’s biggest agency, were slightly higher than in August, but still the worst for a September month since 2008.
Thursday, October 6th 2022, 9:46AM
by Sally Lindsay
Buyers focused their attention on property selling for under $1 million and there was a significant shift in the price bracket.
Last month 46% of sales were priced at under $1 million. For most months this year sales in the under $1 million price category have ranged between the low 30% to 40% of total sales.
That percentage rose to 46% of the 614 sales made during September. Forty six properties were sold in excess of $2 million, the same number as last month.
Buyers remain cautious, with sales numbers up 6.2% n those for August but down 7.8% on those for September last year.
The median price for the month at $1,064,000 fell away by 4.2% on that for August and was the lowest it has been in any month for 16 months.
However, the average sales price at $1,164,852 was up 0.6% on that for August, and 2.9% ahead of the average price in September last year.
While the median price in September is down 14% on the median peak price of $1,240,000, achieved in November last year, the median price in September is down only 3.3% on the median price in the same month last year.
In comparison, the average September sales price is down 8.9% on the peak average price of $1,278,647 achieved in December but is 2.9% higher than last September’s average price. “Prices are edging lower gradually rather than falling sharply,” says Kiri Barfoot, Barfoot & Thompson director.
New listings for the month at 1,301 were solid, and 2.5% higher than the agency has averaged across the previous three months. At month it had 4,567 properties on the books - 1.5% lower than last month but two thirds higher than the number last year.
| Time period | Number of sales* | Total value of sales |
| September 2022 | 614 properties | $715,219,705 |
| September 2021 | 666 properties | $754,280,143 |
| 12 months to September 2022 | 9571 properties | $11,514,104,668 |
| 12 months to September 2021 | 16,090 properties | $17,660,844,325 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
| « Empty home owners not willing to become landlords | Coast the toast of the regions » |
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