Barfoot & Thompson

 

PHOTO: “In December the point was reached where it was vendors that were prepared to meet the market who were achieving a sale while those holding out for their asking price were not.”

December 2018 housing market update

Time periodNumber of sales*Total value of sales
Dec 2018504 properties$478,957,461
Dec 2017674 properties$633,473,499
12 months to Dec 20189779 properties$9,086,554,984
12 months to Dec 20179037 properties$8,418,106,220

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.

 

The Auckland property market ended the year edging towards its first decline in prices for ten years.

“In the past few months the tide has turned towards it becoming a buyers’ market,” said Peter Thompson, Managing Director of Barfoot & Thompson.

“The over-riding market sentiment at present is indecision as to the direction the market is heading.

“A range of factors contributed to market uncertainty at year end. These included non New Zealand residents being restricted from buying certain categories of property, the reported major decline of property prices in the major Australian cities, the potential for capital gains to be applied to investment properties in the future and concerns over world economic stability, in part caused by the trade friction between the United States and China.

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