Lower-cost homes reshape Auckland’s spring property momentum
Auckland’s housing market continued to show signs of stability in October, with both prices and sales activity holding within narrow ranges, according to Barfoot & Thompson’s latest data.
The city’s median selling price rose to $950,000, up 2.2% for the month, but Managing Director Peter Thompson said the lift reflected consolidation rather than acceleration.
“While October’s median selling prices increased by 2.2 percent during the month this is not an indication prices were on the move, rather it is a signal that prices are stabilising around the $950,000 mark,” Thompson said.
“Buyers are not yet prepared to put aside their caution.”
Cotality NZ’s latest data paints a similar picture, with Auckland values slipping slightly by 0.2% in October while other main centres posted small gains. Chief Property Economist Kelvin Davidson said the modest movements suggest the market is finding its footing, supported by lower mortgage rates and improving confidence.
Stable prices suggest market base has formed
Thompson said the data indicates Auckland has likely reached a solid price base as the economy slowly improves.
“It does point to the market having reached a sound price base, and one from which it can face the summer trading season with growing confidence,” he said.
“The Auckland market is still waiting for a recovering economy to give it that final push.”
The average sales price for October came in at $1,079,030, just 1% below September’s figure, marking three consecutive months of price stability.
Lower-priced homes drive market composition
Sales volumes reached 930 transactions, down 9.9% from September and 4% below the same month last year — what Thompson described as “a solid month’s trading.”
“Sales in the under $750,000 price category continue to have a strong pull on the median price, with a quarter of all sales in the month falling into this price category,” he said.
“Two years ago, they represented only 16% of sales in October. It underlines the influence lower-cost town houses and apartments are having on the nature of Auckland’s housing stock, and median and average sales prices.”
Listings surge as spring market gains pace
October brought a strong rise in listings, with 2,167 new properties coming to market — a 21.7% increase from September.
“At month’s end we had 6,024 properties on our books, the highest level in three months,” Thompson said.
Meanwhile, the rural and lifestyle sectors remained subdued, with total turnover of $38 million, the lowest monthly total so far this year.
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