PHOTO: Peter Thompson – Barfoot & Thompson
Auckland Property Market Sails Through COVID Lockdown Restrictions
The latest level 3 COVID lockdown restrictions in Auckland had a negligible impact on residential property activity in August with prices hitting a new all-time high and sales numbers being their highest for an August for five years.
| Time period | Number of sales* | Total value of sales |
|---|---|---|
| August 2020 | 1055 properties | $1,050,297,913 |
| August 2019 | 746 properties | $ 693,847,834 |
| 12 months to August 2020 | 9950 properties | $9,547,036,481 |
| 12 months to August 2019 | 9160 properties | $8,533,507,762 |
*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.
“During the first, more restrictive lockdown, the Auckland property market was stopped in its tracks but in August the market sailed through the latest restrictions,” said Peter Thompson, Managing Director of Barfoot & Thompson.
“August trading was exceptional, and from a price perspective even better than July’s trading.
“The majority of vendors were prepared to move to the alternative sales methods we were able to offer and were largely unaffected.
“Buyer demand was strong and consistent, and for the second consecutive month sales numbers for this time of the year were at a level last seen at the height of the last property cycle.
“The average sales price for the month hit $995,543, up 1.7 percent on that for last month, 7 percent higher than at the same time last year and $2000 higher than the last all-time highest price recorded in March this year.
“The median price at $911,500 was 2.4 percent higher than last month’s, 9.8 percent higher than that last year, and the third highest ever median price.
“Sales numbers for the month at 1055 were down by 3.7 percent on those for last month and 41.4 percent higher than for the same month last year.
“In part, we were able to sustain the excellent trading through online technology that has been fine tuned since the first lockdown such as online auctions and some easing of Government restrictions around final legal paperwork.
“Many found the move from ‘in-person’ to online trading to be relatively seamless, and those prepared to give it a go found they could make it work for them.
READ MORE VIA BARFOOT & THOMPSON
