Momentum builds despite April dip
Auckland’s residential property market maintained strong momentum in April, with total sales for the first four months of 2024 reaching their highest level in four years—reinforcing signs of a gradual market recovery in line with national property value gains.
According to Barfoot & Thompson, 3,440 properties were sold from January through April—an 18.5% increase over the same period in 2023 and a 65.5% jump compared to 2022.
“By the end of April this year we had sold 3440 properties, 18.5% higher than in the first four months of last year, 65.5 percent higher than in 2023 and 2.8% higher than in 2022,” said Peter Thompson (pictured), managing director of Barfoot & Thompson.
“It underlines that in terms of the number of sales being made, the Auckland market is building some traction.”
April sales ease seasonally but remain strong
In April alone, 842 properties changed hands—a drop from March, which is typical for the post-summer season, but still the highest April figure in four years.
“In April, we sold 842 properties,” Thompson said. “While down nearly a third on those for March, this was the highest number of sales we have made in April for four years, and we only exceeded this number in April once in the last nine years.”
He added that sales slowed in early April amid concerns over potential global tariff disputes but recovered strongly later in the month.
“Sales in the early part of April slowed when talk of tariff ‘trade wars’ reached their highest but rebounded quickly towards month’s end.”
Prices drift lower as autumn sets in
Despite strong sales volume, prices edged lower in April. The median price dipped 3.7% from March to $934,000, while the average price fell 3% to $1,110,689.
“From a price perspective the market showed no signs of lifting, with prices in April drifting downwards... Prices normally ease back post March as we head into autumn,” Thompson said.
Entry-level homes drive sales surge
One standout trend in April was the increased share of sales under $750,000. These properties made up 26.8% of total sales, up from 23.4% in March, reflecting strong demand for affordable housing options, Barfoot & Thompson data showed.
“The high number of new build apartments and townhouses in the under $750,000 price segment currently hitting the market are proving extremely popular with first time buyers and investors,” Thompson said.
At the high end, sales of homes above $2 million remained steady at 7.5% of total transactions—on par with April 2023.
Listings remain strong, rural markets hold firm
New listings remained healthy at 1,578 for the month, similar to April last year. Total available properties stood at 6,113, just slightly below March’s record levels.
Rural and lifestyle properties around Auckland also performed well, with 28 properties sold in April—making it the strongest April in four years. Total sales volume in these areas reached just over $61 million, down only 5% from March.
“April sales in the rural and lifestyle markets to the north, south and west of Auckland continued to enjoy strong sales activity... this was the highest number of sales in the month of April in four years,” Thompson said.
