New record average house price for Auckland: Barfoot

The average house price in the city last month was $618,707, an increase of nearly $33,000 on last month’s average.

Chief executive Wendy Alexander said it was one of the most active selling months the firm had ever experienced.

“It was a month when buyer demand finally broke through the constraints buyers were imposing on themselves that had seen the average price move in a $10,000 band between $582,000 and $592,000 for five months.

“We experienced extremely competitive bidding at auctions, and a very high success rate under the auction hammer. It was a case of demand far outstripping the number of properties up for sale.”

She said the number of sales for the month was up 11.6% on September and 48.7% on the same month last year, at 1081.

“Even though we listed 1645 new homes during the month, our highest number of new listings in 31 months, and the highest in an October for three years, it was insufficient to meet buyer demand, particularly at the top end of the market."

Alexander said 119 homes worth more than $1 million were sold in October.

“For the first 10 months of the year we have sold 763 homes for more than $1 million, which is 64.4% higher than for the same period last year.”