August takes the crown as the most optimistic sales month! Buyer enthusiasm reaches a two-year high as Auckland’s property market recovery gets under way...

Signs point to an approaching recovery in Auckland’s property market, clearly reflected in August’s substantial increase in the number of properties sold and the sale prices achieved. 
Barfoot & Thompson managing director Peter Thompson said: “August was the most optimistic sales month in the past 17 months.” 
“Not only did sales volumes increase significantly during the month, but the median sale price also rose 3.4% from July to NZ$982,500.”
“Considering the property market’s past performance, the August result was only a small step forward, but buyer enthusiasm reached its highest level in more than two years。

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“Once the election is over, we can expect sales activity to increase and the market to remain healthy and stable through to the end of the year.
“The property market’s recovery will be reflected in the number of properties sold, rather than substantial increases in sale prices.
“In August, we sold 879 properties, up 20.9% from July, 22.1% above the monthly average for the previous three months, and 52.1% higher than the same month last year.
“The average sale price was NZ$1,088,457, up 2% from the previous month and 0.9% above the average for the preceding three months.

“New listings for the month totalled 1577, a substantial 30% increase on July, as sellers also sensed the shift in market sentiment. New listings in August this year were up 13.1% compared with August last year. 
“At the end of the month, we had 4155 properties available, up 1.9% from the end of July. Having more than 4000 properties available means the market offers buyers a range of quality properties to choose from.
“With an increasing number of apartments being listed, combined with the property market downturn since November 2021, properties priced below NZ$500,000 are coming back into view. 
“In August, 18.7% of the properties we sold fetched less than NZ$500,000, 6.4% sold for NZ$2,000,000 or more, and 2.4% sold for NZ$3,000,000 or more. 
“In August, rural and lifestyle properties also attracted stronger buyer activity, and the properties we sold had a combined value exceeding NZ$58,000,000, bringing their total value to a multiple of the July figure: twice as much。 
“Sales volumes also reached their highest level in 9 months, up 70% from July. New listings also increased in anticipation of a more active property market after the election.”