Auckland house prices edge up in June! Busy auction rooms as confidence continues to recover

Auckland’s property market appears to have returned to normal, with June sales more closely aligned with traditional winter patterns, resembling those seen before the pandemic. 
Barfoot & Thompson managing director Peter Thompson said: “The current property market cycle may be one of the toughest Aucklanders have experienced in recent years. Although conditions remain difficult, we continue to see positive signs that we are entering a more stable period.”

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With 711 sales in June, volumes were once again comparable with those for the same month before the pandemic, and 3.9% higher than in June 2022. Following a record low in April, sales volumes continued to recover。
The average sale price in June was NZ$1,098,000, up 2.5% on May and 1% above the average for the preceding three months. The median price was NZ$995,000, up 4.2% on May。
Setting aside the recent rise and fall in house prices, the only meaningful comparison with current prices is 2019, when we were in a truly market-driven cycle. Compared with the same month four years earlier, both the average and median sale prices achieved in June were around 17% higher。
Properties received more multiple offers，and auction rooms were busy throughout the month. Although this increase in activity has not pushed prices higher, it indicates that confidence is returning, which is good news for both sellers and buyers.

New listings continued to come onto the market in June, totalling 1266, in line with our expectations as we head into winter. This familiar pattern is reassuring in the current environment and provides further grounds for cautious optimism.
At the end of the month, we had 4277 properties available, offering buyers an excellent choice across all price ranges.
The upper end of the market continued to show strong resilience, with 48 homes selling for more than NZ$2,000,000 in June, overtaking May as the month with the second-highest sales volume in this price bracket.
$750,000 was also a price threshold below which properties were in strong demand, with 180 sold in June.
There were 24 rural and lifestyle property sales in June. Although this was a relatively small number, it made this the third-busiest month for transactions this year, reflecting a growing alignment between buyers’ and sellers’ views of market values. Rural and lifestyle property activity also picked up in June, with fresh appraisal enquiries and more buyers attending viewings.