Barfoot & Thompson, Auckland biggest real estate agent, says it sold more properties in January than in any January for six years, and listed the most new properties in a January for five years. However, the average sale price was down 3.7% from December.
Peter Thompson, Barfoot & Thompson's managing director, said the firm listed 1,440 properties in January, the highest number in a January since 1,558 in 2008, and 409, or 39.7%, higher than 1,031 in January last year.
It sold 820 properties in January, down 100 from 920 in December, but the highest level in a January since sales of 1,033 in 2007, and 137, or 20.1%, higher than in January 2012.
January’s NZ$600,754 average price is the first time Barfoot & Thompson has reached an average price above NZ$600,000 in January. Although it's down NZ$23,261, or 3.7%, from December's average price of NZ$624,015, it's up 13.4% on January last year.
The 13.4% rise is the highest year-on-year average price rise since August 2007.
“Normally, January is a quiet month with so many people away from the City enjoying their summer break, but this has not been the case this year,” said Thompson.
“The Auckland housing market is showing all the signs that it has picked up from where it left off in December, and that sales numbers and values will hold up through the remainder of the warm months to come.”
At the end of January Barfoot & Thompson had 3,763 properties on its books, Thompson added, 10.4% higher than December's record low of 3,410, but 21% lower than 4,766 in January last year. Listings represent 18 weeks of sales at the January rate, a relatively low level historically.
"Interest in high end properties remains, and 68 homes sold for NZ$1 million or more in January. Of the total number of properties sold 383, or 47%, were for under NZ$500,000, and of that number 130, or 15.9% of all homes, sold for under NZ$300,000," Thompson said.
Barfoot & Thompson and Real Estate Institute of New Zealand numbers suggest Barfoot & Thompson made 42.5% of Auckland residential property sales in December.
See Barfoot & Thompson's breakdown by areas here.
Barfoot Auckland
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(Update adds further detail).
23 Comments
Check out SK's website:
So glad we may have determined what SK is all about.
The only other guy I found more intolerable, ungracious and who really did seem to believe he was the smartest in the world, due couple of properties owned during boom was this ex-military redneck on wasteland outskirts of Palm Desert, CA who had a similar attitude when I was sent there to refi his mortgage.
This guy was literally laughing at me given I was not in debt to my eyeballs. So with permission on phone from my boss, thankfully I was able to tell him to get f*cked, before I left.
He had wrapped his whole life around this to such a degree, that when the big crunch came '07 he got taken down harder than would have been necc had he retained any type of grace, humbleness (is that a word?) and even perspective.
Couple years after this, last I heard, he checked in to cheesy motel near LAX and blew his head off with shotgun, all by himself.
..... agreed . ... idlebumski's post is in poor taste ...
The SK critics seem to be active today ....
..... the gloomsterisers have been totally wrong to date , and have missed the start of a golden run in equity investments ...... so they're bagging you ...
.... keep up the good work , buddy !
The New Zealand Herald http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10863590 analyzes the same data under the headline ``Auckland house market cools in hot January''. The Herald writer seems to think that the normal December-January drop in activity is somehow worthy of a headline. Got to look at the statistics as a whole to get any view of what is happening as a whole. A good graphic is the ``number sold'' on graph above (thanks, Gareth). It shows that sales have a yearly cycle (no surprise), and each of the last 2 years are noticeably up on the 2 years before that.
It is all very well that the usual spruikers champion that prices are still growing however one has to balance those paper gains against the consequences. Speak to any retailer in Auckland and it is tough and no signs of relief in sight. Speak to the cafe and bar owners and they will generally tell you sales are down and those who patron their premises are generally spending less. Why is this happening when the average Aucklander should be feeling capital rich?
Because many Aucklanders are paying large amounts of rent to their landlord who in their case is called "the bank". As prices increase so will the amount of rent/interest they all pay to the banks. It will get worse when interest rates increase and possibly start doing that this year.
Those retailers and cafes employ many New Zealanders therefore we need to support them. It is all very well wanting one's house to increase in value but there are serious consequences including making it harder for our children to buy their first home.
Don't understand your logic ex-agent. You are saying that our retails, food services are suffering while the shares market is booming.. Unless you own banking shares, it's hard to see why the shares market is going up - after all, most NZ shares are tied up in retails and food in one way or another. NZ hardly have any shares in the likes of Boeing, Intel etc..
Might be purely speculating just like the housing market!
You show your lack of financial sophistication CM. Even the Warehouse is struggling with its price. What big NZ company is involved today in selling flat whites and muffins to the public? Rather the companies tied up in healthcare such as Abano, resthomes like Ryman and ports like the Port of Tauranga. They are doing well and people are seeking their dividends rather than keeping money in the bank. Small businesses such as the one I had lunch at today with my wife employ a lot of New Zealand workers. They need to prosper and keep going.
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