Barfoot reports listings increase

In October, the agency’s average sales price increased by more than $5000 or 0.8% compared to September, to $663,123, and the number of sales rose by 8.9% to 1203.

The median price declined by $10,000 to $590,000.

Managing director Peter Thompson said it was a continuation of a trend that had been seen since March and it was too early to say whether the loan-to-value restrictions had made a difference.

“It could be up to six months before the market feels the full impact of the new mortgage lending regime, and certainly one month’s experience is not enough to make judgements about the success or otherwise of the initiative.”

The number of new listings during the month was 2016, an increase of 23.2% on those for September, and the first time in more than five years new listings have exceeded 2000.

Thompson said: “At month’s end the number of available listings increased to 3646, a 14.3% increase on those for September, and the highest number in the last seven months.”

He said during October the agency sold 457 homes for less than $500,000, up 20.6% on the number of homes in that price category in September.

“Such a significant increase in number may be an indication that a large number of first-time home buyers committed to entering the housing market before the new rules took full effect. Sales in this price category make up 38% of all our October sales.”

There were 172 homes sold in the $1 million-plus category, the second-highest number on record.