Auckland real estate market maintains momentum through year-end

The Auckland property market maintained its momentum through the end of 2021 with prices at or near record highs and sales figures remaining at high levels.

“The market has hit the Christmas break at full speed,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The average selling price for the month reached a record high of $ 1,278,647, achieved on 911 sales.

“This was up 7.4% from the average price for the past three months and 17% more than the same period last year.

“The median price for the month, at $ 1,235,000, was 0.4% lower than November, but 22.9% higher than a year ago at the same time.

“The market took the news of rising interest rates, tighter bank lending criteria and changes to investor tax restrictions in the wake, with strong buyer interest until Christmas Eve.

“Buyers weren’t put off by the current prices, and in December we sold 255 homes for over $ 2 million.

“Despite being severely hampered by Covid regulations for 15 weeks, 2021 has been the most active for the business since 2015, and on average we have sold 1,119 properties each month.

“Our median selling price for the year 2021 at $ 1,102,000 was 19.9% ​​higher than the previous year, and this year-over-year increase was the largest increase in the decade, surpassing the 17% increases recorded in 2015.

“Our average annual selling price for the year 2021 at $ 1,153,252 was 16.4% higher than the previous year, and this year-over-year increase was the largest increase in the last decade, exceeding the increase of 14%, also recorded in 2015.

“With 948 new listings in December and 3,646 listings in our books at the end of December, we will enter 2022 with nearly a quarter more homes for sale than in the same period in 2021.

“The majority of commentators predict that prices will continue to increase in the first half of 2022, but that the rate of increase will decrease.

“Trade in the Auckland real estate market is invariably spotty in the first few weeks of the year, and any trend in terms of prices and sales numbers is unlikely to be established until the February data release in early March.

“Rural and lifestyle markets north and south of Auckland and Northland ended the year strong, with sales of over $ 105 million in December. Average monthly sales for the year in these two markets were $ 95.5 million, beating last year’s monthly average by 37%.

December The preceding month

Previous

3 months

Medium

december 2020
Average price

$ 1,250,886

+ 2.2%

$ 1,190,795

+ 7.4%

$ 1,092,518

+ 17%

$ 1,278,647
Median price

$ 1,240,000

-0.4%

$ 1,163,000 + 6.2%

$ 1,005,000

+ 22.9%

$ 1,235,000
Sales

1182

-22.9%

887

+ 2.7%

1479

-38.4%

911
New registrations

2724

-65.2%

1904

-50.2%

868

+ 9.2%

948

End of month stock

3933

-7.3%

3234

+ 12.7%

2938

+ 24.1%

3646

© Scoop Media

Penny D. Jackson