House prices slip as listings rise

Auckland’s biggest real estate agency, Barfoot & Thompson, has released sales data for October showing both median and average sales prices down in the last month.

The average sale price fell from $928,213 in September to $910,537 last month, while the median dropped from $860,000 in September to $830,000 in October.

Numbers of unsold properties rose. The agency had listed in its books 4451 properties in October, up on the 3829 it had listed in September. It sold 634 properties last month, down on the 658 in September.

Barfoot managing director Peter Thompson said the volume of sales in October was the lowest since February and the lowest in an October for seven years.

He blamed the longer-than-normal time lag between election night and the formation of the new Government for contributing to sales remaining low in October.

The biggest change post-election was that new listings at 1733 for October lifted substantially, he said. The combination of high listings and low sales saw the number of listings at month end reach 4451. This is the highest month-end figure for more than five years.

During October, 60 properties sold for less than $500,000 and 225 for under $750,000 — a third of all sales.

Another third of all sales were for more than $1 million. Rural and lifestyle property sales mirrored what occurred in the city. New listings increased and buyers remained cautious.