Signs of a slowdown: Barfoot

Auckland residential property prices held steady during February, the agency said, but there were signs that an increase in the number of listings would begin to contain prices.

Sales volumes in February were down 15% on the same period last year.

The number of available listings reached its highest level since March 2013, at 3674.

Managing director Peter Thompson said that indicated the market was good for buyers, but sellers need to be cautious not to overprice their properties.

“We are starting to see a return to listings levels of October and November last year. For buyers, that’s good, they can start to shop around, but greater choice means more competition. Sellers will need to be realistic and not overvalue their assets if they want them sold.”

The agency reported an average house price in February of $678,533. The median price was $620,000.

Thompson said February sales figures were consistent across all price spectrums with a slight increase in the number of sales of higher-priced properties.

The agency sold 122 homes for more than $1 million in February, up 60% on the same time last year.

Sales of homes $750,000 and above were up 50% on 2013 figures.