Million Dollar Sales Push Up Auckland’s Average House Price InSeptember
Signs that prices and sales activity in theAuckland residential housing market will lift post the General Election areevident in September’s sales figures.
“September’s average house sales price at $738,876is the highest on record,” said Peter Thompson, Managing Director, Barfoot& Thompson.
“It is $13,000 up on the previous highest averageprice established in March this year, and up 3.8 percent on the previousmonth’s average price.
“However, the sales data shows the high averageprice was the result of a relatively modest number of homes being sold, ofwhich a high number sold for in excess of $1 million.
“Of the 959 homes sold, 164 or 17.1 percent werefor in excess of $1 million.
“Properties in the higher price range are lessaffected by the uncertainties that exist during a run in to a General Election,and with such a high number of sales at the high end, the average price haslifted more than might be the case in a normal month’s trading.
“By contrast, September’s median price at $635,000,is up less than 1 percent on that for August, and is more in line with themedian price over the past four months.
“Without doubt, the election’s influence can beseen in September’s sales numbers.
“However, what can also be seen in the month’sfigures is that housing activity was starting to lift during September, andnormal spring trading can be expected now the election is behind us.
“New listings, at 1314 for the month, were alreadystarting to build and were up 16.4 percent on listings during August and only5.9 percent down on July’s 1396 new listings.
“A factor which has the potential to put pressureon sales prices in the short-term is the low number of listings at month end.At 3075 listings, this is the lowest number this year and the lowest at the endof a September for more than a decade, and means that at the start of the monthchoice is extremely limited.
“It may take another month for the new listingpipeline to build.
“Sales of property for under $500,000 held upduring September, accounting for 30.1 percent of all sales.”
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