Barfoot & Thomson had a healthy increase in sales in September but prices headed in the opposite direction.
Auckland's largest real estate agency sold 986 residential properties in September, up from 889 in August and 825 in September last year.
Last month's sales were the highest they have been for the month of September since 2020, suggesting the usual spring bounce is well underway.
However prices were softer, with the median selling price falling for the third consecutive month to $934,500. That's down from $1,020,000 in June, a decline of $85,500 (-8.4%) in three months.
September's median price was also the lowest it has been for the month since 2020.
Barfoot's average selling price last month declined for the sixth consecutive month to $1,081,269.
The agency received a generous helping of 1560 new listings in September, which was the most it has received in September since 2020.
That helped maintain the total number of properties the agency has available for sale at the higher than normal level of 5039, up 20.2% compared to September last year.
Barfoot's stock levels have been above 5000 since February this year, although they have been slowly declining for the last five months.
The last time Barfoots had more than 5000 residential properties on its books at the end of September was in 2010, which means stock levels are at a 14 year high.
That gives buyers plenty of choice and it should help to keep downward pressure on prices over the spring selling season.
"There is a wide variety of property styles on the market at the moment, across all price points, with a growing number of new build apartments and townhouses becoming available, making it a very interesting market for buyers," Barfoot & Thompson managing director Peter Thompson said.
The comment stream on this story is now closed.
Barfoot Auckland
Select chart tabs
You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
60 Comments
Average Prices still up year on year.
Cannot kill the Auckland property market!
Bulletproof! 🥂
Cue ITGuy
Been fly fishing in Turangi, and skiing.
However prices were softer, with the median selling price falling for the third consecutive month to $934,500. That's down from $1,020,000 in June, a decline of $85,500 (-8.4%) in three months.
-10% Dec 2023 to Dec 2024
Running out of positive material there. In a month or two you may have to retreat to the performance of particular suburbs.
Riverhead perhaps?
.by Cote d'Azur | 2nd Oct 24, 10:50am
Yvil, at least do the right thing and pay monthly subs on your Troll account too 😂🤣 If you're that unsure where the market is headed, why not have a bob each way - right?
You conveniently ignored the median. It's back to sep 2020
And that CPI has risen by 21.5% since Q2 of 2020...
So adjusted for inflation, prices are back to 2017
2014 in Auckland if you compare to median incomes.
So exactly before Ardern & Labour medled with the housing market, adding constant restrictions, taxes, risks & penalties to those who had, for the sake of those who had not. It's clearly not hard to see that government intervention was the main driver of both house price & rent inflation.
Or maybe the rapid decrease in interest rates and restrictions on borrowing massively increased borrowing power in a tight labour market, jacking up both house prices and rental prices.
Much larger forces at play than a single government.
But you know, whatever paddles your waka 😄
If you have a mortgage the inflation loss is born by the lender not the homeowner...
Lower interest rates like a fart in the wind.
Is price being forced down by reality of the cost and access to debt, or, is it just lots of specu townhouse boxes being cleared before the bank sells them?
Townhouses and apartments becoming a bigger share of stock, hence average price drops
Do you want me to tell the owners next door who had to sell their same house for a 20% loss on their 2021 purchase that they are idiots?
whooa, Auckland prices dropped $1k a day over the winter, I hope it bottoms out soon
Prices have already bottomed out. If your waiting for "a pants drop", it's already happened. 20% drops accross the country is massive. 08s GFC saw just 6% average price drops accross the country, and recovered that in just 18months to rise further than they dropped. Waiting isn't the same as buying. During the boom Auckland house prices were increasing by up to 2.5k a day, so a 1k drop isn't going to bring prices anywhere "near the bottom", where ever that is.
"08s GFC saw just 6% average price drops accross the country, and recovered that in just 18months...."
https://fred.stlouisfed.org/series/QNZR628BIS
"Prices have already bottomed out."
This is your fantasy.
Winter is over and the landscape is bright!
PS. Even the Dear Leader got out and sold his apartment in Wellington
Terrible time to sell at the bottom of the market. Great time to buy & pick up a bargain, if one can obtain finance.
Are you saying Luxon is clueless at property investment?
He's sold 2 properties recently. Obviously he waited until he changed the legislation to make sure he didn't have to pay tax.
Yep the 5th Spruiker reported, dead cat bounce, has been found in the nearby bushes. Body lifeless, pulse zilch, heart rate zero.
Don't despair despondent spruikers, 3rdMan, Snwifter or Wingingit will be reliably along very soon, kicking the bedraggled carcass high into the air and declaring yet again, another false market rebound.......False prophet's love the dead cat.
2012 to 2015 home prices, are coming back baby! Rejoice!
They are already here, but in tiny proportions.. but that is something spruikers said would never happen
Just a random example, well into 2018 prices post negotiations
Owner Demands Immediate Sale! https://www.trademe.co.nz/property/residential-property-for-sale/auctio…
True. Few 2018 prices are transacting.
Just fixed it: 2012 to 2015 are soon to appear......
That listing is really just polishing a terd
Those two bed types in west auckland are selling as low a 560k.
2015 house prices were still considered "A national housing crisis" by then opporsition Labour. So a rejoicing to restore what was already considered highly inflated and unaffordable is a rather mute point. Whilst false prophets love the dead cat, chicken Littles love the sky to fall. Wishing, hoping and praying it will favour one way or the other is not a good practise. Those who wait for the opportune moment to buy, do simply that, just wait. Waiting isn't the same as buying.
Convenient when you choose to ignore the average income increased 44% since 2015, so yes definitely a much better position.
Simple.
Wait to buy at 2015 prices.
It's good to rejoice with 40% higher wages and 40 to 60% lower house prices.
Rejoice!
With respect Gecko, you clearly can not understand the figures that are being published in regards to ChCh prices!
Reality is that prices have not come back here!
Are you sure? I thought I read it was 5.6% down from peak.
https://www.nzherald.co.nz/nz/real-estate-agent-kun-hu-fined-25000-for-…
Barfoots managers seem to have a very relaxed attitude to their agents duping the vendors but i suppose $$$$ talks
What a bunch of d***heads.
the prospective buyer who he says grabbed his phone at a meeting and typed a text reply on his phone agreeing to the commission split
Riiiiight...
Hu’s manager at Barfoot and Thompson, John Urlich, gave evidence to the tribunal that the practice of commission sharing was “rife” in Auckland and many agencies simply turned a blind eye to it.
Tells a lot about the ethics of the profession.
Other agencies are worse
Why does the chart say "average price GROWTH" (implies increasing) when it should be "change"? 🤔
Ah yes.
House prices have experienced "negative growth"
Cause negative growth is a thing is their twisted world.
It's been some time since I've been in these comment threads. What's with all the verbal sparring between two apparent camps of 'spruikers' and 'DGMs'?
The comments used to be a great place to hear different opinions, perspectives, data and a joke here and there. Now it feels a lot like social media posts.
Yep now its just filled with nut jobs and dead cats bouncing about.
You left out the leveraged smoking the hopeium.
But you are constantly trying methods of levitation for the dead cat, to only have egg on one's face, as the market continues to tank bigtime.
Best you strap water wings to your hopium pipe, before she goes down with the ship.....
Yeah and some magical place near a muddy river where millions of dollars can be made in a flash.. Totally quack imo.
like the ducks that swim in the river swamp
Most of the waffle has absolutely nothing to do with the articles. It's worse than the local Facebook community complaining group....at least there people have to put a name to their ridiculous statements.
It's now the "Dance of the Desperate's" ..... desperation for those vendors wanting to get that 2021 maximum sales price, in a sliding market down....and desperation for buyers not wanting to overpay !
All the sales and price data are in retrospect.
By the time there's indications the market has bottomed, you guys do your homework, locate a quality bargain, round up the finance, get a property inspection, visit the solicitor and sign on the bottom line, the market will be up $75,000.
Actually asking prices are the best forward view of where we are going.
Oh look at that..
https://www.interest.co.nz/property/129769/trade-me-property-wonders-if…
No one knows where the bottom is.
That's the trick, it's like trying to time the stock market or buy when you think the 'bottom's in'. But I will make a prediction - in a few years time there'll be punters out there that'll be sitting on handsome profits buying during this dip.
The Auckland house price is 9.19% below its long-term average.
The trick is if I made a millions I would rather keep it quiet. Broadcasting how easy to make money is the same tactics used by "get rich" companies, the likes of Richmastery!
It's not 'easy'.
Borrow a million or two, give it a go and report back.
You didn't call the top and cant call the bottom, you are a total bag holder.
and the market went down 8% in 3month, oh not in boghead...
No one ever got rich whining on the sidelines like you.
Boghead's up 68% in the last 3 years. I'm coining it.
Riverswamp is resilient as hell!
Some of this Ducks and Stilts have withstood tempestuous storms and lots of swift water in them parts, over recent years!
Those critters are some nuggety and plucky little characters.......glad that Wingingit has purchased this floodplain reserve to ensure these creatures have a home:)
God knows AKL council won't let building occur there currently.......but maybe in years, on 25ft piles Wingering?
The Council won't let construction occur? Where do you locate this BS? You're risk averse, I'm not.
I've got a building already under construction there, it has been for a few months.
“Those who talk should do and only those who do should talk.”
Let's build lots more houses shall we? Remote inspections?
https://www.1news.co.nz/2024/10/02/exclusive-leaky-homes-costing-counci…
‘No one knows where the bottom is’
Which I (and others) having been pointing out repeatedly. And yet, those with skin in the game (and can’t afford further losses) appear to know that the bottom is already in.
How can this be possible? It’s impossible to know where the top and the bottom of the market are, but the highly leveraged and self interested know exactly where the bottom is - and this is it! (oh and it was also the bottom middle of last year as well!)
If we knew where the bottom was we'd all be making millions, wouldn't we? But we don't.
The chances of picking the exact bottom are minuscule, but big profits can certainly be made if you get close. I don't know if the bottom's in or not, but interest rates are certainly on the way down, and that's a very good start.
The bottom will be apparent months in retrospect. It's risky, but that's how people make money....taking on risk others won't.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.