Auckland's April median price falls below $1,000,000, with homes now selling at prices seen 2 years ago

Following a brief respite in March, Auckland's property market went into hibernation in April, with sales volumes falling and prices edging down. 

Barfoot & Thompson managing director Peter Thompson said: “Judging by sales volumes in April, winter arrived earlier than expected for Auckland's property market.

 

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In April, we sold 473 homes, down 38.2% from March. We have to go back 22 years to find comparable sales volumes.

 

The median price was NZ$995,000, down 2.9% from March and 2.1% below the average for the previous 3 months.

 

This was the first time in 16 months* that the median price had fallen below NZ$1,000,000。

 

The average price was NZ$1,086,800, down 1.5% from March and 1.8% below the average for the previous 3 months.

 

Homeowners accept that they need to adjust their price expectations to achieve a sale, but they are not prepared to accept any price simply to sell.

 

This means that buyers ready to enter the market are purchasing properties at prices seen 24 months ago。

 

Despite sluggish sales, new properties continue to come onto the market, with 1090 new listings in April. Although new listings in April were modest, they offered prospective buyers fresh choices, with total listings standing at 4684 at the end of the month.

 

Sales in the rural and lifestyle property markets north and south of Auckland were also subdued, although activity was stronger than in urban areas.

 

Waterfront properties in Kerikeri attracted buyer interest, while lifestyle properties near Kerikeri priced between NZ$800,000 and NZ$1,200,000 saw brisk trading.

 

Horticultural property sales were affected by weak prices.

 

*2021, the median price in January was NZ$975,000