House sales drop in AKL
Auckland’s rate of house sales has fallen to the lowest level since the Global Financial Crisis, real estate agency Barfoot & Thompson says.
Sales numbers in April were down by a third compared to the average of the previous three months.
There were 664 sales in April, compared to 1110 in March and 944 in April 2016.
Often, a drop in sales numbers is a precursor to a fall in prices.
But Barfoot & Thompson managing director Peter Thompson said the slowdown had not yet had an impact on prices.
‘‘The median sales price at $850,000 for the month was down only $5500 on the average median price for the previous three months,’’ he said.
‘‘The same trend was there around the average price, which at $917,079 was down only $25,000 on the average for the previous three months.
‘‘While prices have declined from March’s all-time record highs, the fall relative to the average for the first quarter of this year is modest, and on a year-onyear basis the median price is up 3.7 per cent and the average price is up 5 per cent.’’
But Thompson said the market had changed and buyers were being far more selective.
There were 192 new listings in April and there drop in sales numbers was felt across all price rungs, Thompson said.
House sale numbers in Auckland have hit a level not seen since 2008.