Auckland sales slip almost 40% in April

Thursday 3 May 2012

April house sales in Auckland fell almost 40% on March, but prices remained relatively stable, according to the latest Barfoot & Thompson figures

By The Landlord

Managing director Peter Thompson said that the average sales price for April was $568,018, just $3,000 below the March average.

"It shows that March's big jump in prices over those for February was no one-off spike," he said.

"What did change between April and March was the number of homes sold. Sales numbers fell back to 750. This is consistent with the number of homes sold in April last year, but is 39.8% lower than in March."

Thompson said new listings were solid at 1,266, though 17.6% lower than March.

"At month's end we had only 4,621 homes on our books throughout Auckland, the lowest number in four months and 17.2% lower than at the same time last year."

He said the new listings figures underlined the lack of choice available to potential home buyers, and that March and April usually represent the high point of summer sales activity.

"Prices and sales volume tend to ease as we move deeper into autumn," he said.

"Given the level of buyer interest in the market and the low level of choice, prices are likely to hold firm through May."

Thompson said that for three of the four months of 2012, the average sales price for the month has been higher than the corresponding month in 2011.

The price increase has ranged from 4.2% in April to 2.7% in January and February. In March, the corresponding price difference was a fall of 1.7%.

However, he said prices were not "running hot" and that above valuation prices being achieved "were the exception and not the norm."

Commenting is closed

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer