The latest data from Barfoot & Thompson, the region’s biggest real estate agency, shows the greatest impact the changed economic conditions had on the property market in April was the 615 sales - a 47.9% drop on March.
“Buyers are now showing a greater reluctance to meet vendor expectations,” says Peter Thompson, Barfoot & Thompson’s managing director.
At the same time property prices have dropped. The April median price at $1,141,000 was a fall of 3.3% and the average price at $1,212,376 was a fall of 1.8%. However, prices remained well ahead of those 12 months ago.
"Remained well ahead of the prices of property 12 months ago”, said Peter Thompson, Managing Director of Barfoot and Thompson.
When compared to the average prices paid over the previous three months, the median price in April fell 1.7% and the average price fell 0.7%.
“For vendors, the positive news is that the prices at which sales are being made are still well in excess of those prevailing 12 months ago,” says Thompson.
“April’s year-on-year median price is 8.7% ahead of that in April last year and the average price is up 8.8%.
“Vendors who have an open mind as to the value of their property are the ones who are more likely to achieve a sale in the new environment into which the market is heading.”
New listings for the month at 1,302 were down a third on those for last month but are in line with the numbers normally listed in April. It brought month-end stock number to 4,845, the highest it has been for more than three years.
The sale of properties at the top end of the price range remained strong with 85 (14% of all sales) being sold for more than $2 million and 20 of that number selling for more than $3 million.