Market adjusts to economic conditions

Buyers focused their attention on property selling for under $1 million and there was a significant shift in the price bracket.

Last month 46% of sales were priced at under $1 million. For most months this year sales in the under $1 million price category have ranged between the low 30% to 40% of total sales.

That percentage rose to 46% of the 614 sales made during September. Forty six properties were sold in excess of $2 million, the same number as last month.

Buyers remain cautious, with sales numbers up 6.2% n those for August but down 7.8% on those for September last year.

The median price for the month at $1,064,000 fell away by 4.2% on that for August and was the lowest it has been in any month for 16 months.

However, the average sales price at $1,164,852 was up 0.6% on that for August, and 2.9% ahead of the average price in September last year.

While the median price in September is down 14% on the median peak price of $1,240,000, achieved in November last year, the median price in September is down only 3.3% on the median price in the same month last year.

In comparison, the average September sales price is down 8.9% on the peak average price of $1,278,647 achieved in December but is 2.9% higher than last September’s average price. “Prices are edging lower gradually rather than falling sharply,” says Kiri Barfoot, Barfoot & Thompson director.

New listings for the month at 1,301 were solid, and 2.5% higher than the agency has averaged across the previous three months. At month it had 4,567 properties on the books - 1.5% lower than last month but two thirds higher than the number last year.

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.