House Prices

Prices continue to rise unabated

The onset of winter and the new regulations aimed at making home buying less attractive to investors did not dampen the price, or the number of Auckland houses sold in June.

Monday, July 05th 2021

For Barfoot & Thompson, June sales numbers normally start to edge lower.

But this year the agency sold 1,243 homes, up 3.8% on the previous month – and both the average and median prices were higher than those for May.

“The average price paid was $1,143,328, up 2.6% on May prices and the median price at $1,109,000 was up 3.4%.

“The rate at which prices are increasing did ease slightly in June but the rate remains stubbornly high,” says Peter Thompson, managing director of Barfoot & Thompson.

“Our June-on-June median price increase now stands at 21.9%. The Real Estate Institute’s Price Index for May-to-May for Auckland [showed] an increase of 26.3%.

“Demand for housing, low levels of supply and record low mortgage interest rates are continuing to prove a stronger counterbalance to the new regulations looking to pull back the rate of price increases.”

For high-end housing, demand continues unabated, and during the month the agency sold 120 homes for more than $2 million. The only month last year when it sold more $2-million-plus homes than this was in December.

Throughout last year, the agency’s monthly average for the number of homes that sold for over $2 million was 61.

“During June we sold 170 homes for less than $750,000, which represented 13.8% of our total sales for the month,” says Thompson.

Even though the agency’s new listings for the month at 1,485 were solid, at month-end its total listings at 2,864 was the lowest at a month-end for five years.

Demand and competition for homes has never been higher. The number of homes Barfoot & Thompson had for sale at the end of the month was down by a quarter on the number available at the same time last year.

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