Auckland Real Estate Market Shows Signs of Stabilization Amidst Buyer Hesitation

Barfoot & Thompson's sales figures for August indicate a quiet end to winter for Auckland's property market, with both sales volume and prices showing little change.

The agency reported selling 787 residential properties in August, a decrease of 6.9% from July and 11.5% lower than August of the previous year. This marks the lowest number of August sales for Barfoot & Thompson since 2022.

New listings also saw a decline, with 1456 new properties listed in August, down 6.1% from July and 10.2% compared to August last year. The total inventory of residential properties for sale remained high but stabilized, with 5870 properties on hand at the end of August, virtually unchanged from the same period last year.

Selling prices remained largely flat. The average selling price in August was $1,098,487, a slight decrease of $3982 (-0.4%) from July, but an increase of $17,455 (1.6%) compared to August last year. The median selling price was $955,000, up $10,000 (1.1%) from July and $5000 (0.5%) from August last year.

Barfoot & Thompson Managing Director Peter Thompson suggested that the Auckland market might be approaching a "tipping point." He noted that while buyers are present and interested, they are hesitant to commit, awaiting confirmation of an upward price trend. "It remains a solid buyer's market, but there are signs that prices are hardening," Thompson stated.

Barfoot Auckland

Select chart tabs

average price growth % year on year average price number sold new listings

average price growth % year on year

Source: Barfoot and Thompson