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Peter Meecham/Stuff
Auckland’s housing market has had its shackles loosened, Barfoot & Thompson says.
More than half Barfoot & Thompson’s Auckland sales in October were for between $1 million and $2m, the agency says.
It said growth in the market in the month was modest but consistent.
There was a high number of new listings, sales numbers increased and both the median and average sales price exceeded $1m for the first time since March, managing director Peter Thompson said.
The average sale price was $1.090m, the highest in the past four months.
“Throughout August and September there were positive signs that the corner had been turned, but in October it all came together, and the market moved forward firmly,” Thompson said.
“Vendors returned to the market in strength, with new listings for the month at 1829, a quarter higher than in September, and a third higher than for the same month last year.
“Buyers were also prepared to commit, and sales at 846 were the highest for an October for three years, and a third higher than in the same month last year.
STUFF
Infometric’s Gareth Kiernan says the removal of tax restrictions by a new National government will mean more investors jump into the housing market.
“The shackles of rising interest rates and economic uncertainty, that have held back prices, were loosened with the median price hitting $1,011,250. This is the highest median price in the past seven months and was up 2.5% on that for September and 1.8% higher than the average for the past three months.”
Thompson said the $1m to $2m bracket was always a large part of the market but October was the first time this year that it had made up more than half of sales.
Properties selling for more than $2m were another 6.6.%.
At month end, listings of 4564 ensured that buyers had an excellent range of properties from which to choose.
“The rural and leisure markets in the regional areas to the north, south and west of Auckland experienced the same surge in new listings as metropolitan Auckland but sales activity remained subdued.
“Buyer interest in terms of inquiries and viewings increased in these markets on that for past months, particularly towards the latter part of the month, and vendors and buyers are showing an increased flexibility and willingness to reach agreement.
“It has raised expectations that the rural and leisure markets will soon experience increased sales activity.”
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