PHOTO: Barfoot & Thompson. FILE
Auckland’s Housing Market Surges, But Unsold Stock Hits Record High 🏡
Auckland‘s largest real estate agency, Barfoot & Thompson, reported a significant surge in property sales last month, but a record number of unsold homes continue to stack up.
👉 Record High Unsold Homes Despite Market Recovery
- Unsold properties reached 6,200 in March, up from 5,900 in February and 5,300 in January.
- Managing Director Peter Thompson said the market was responding aggressively to improved buying conditions, with March turnover hitting a three-year high.
- The agency sold 1,213 properties, the most since July 2021.
📈 Boom in High-End Sales & Rural Markets
- 28 homes sold for over $3 million, the highest in three years.
- 61 homes were sold between $2 million and $3 million.
- Rural and lifestyle markets saw $65 million in sales across 39 properties, up 48% from February.
📅 Auckland House Prices Trending Up
- March Average Sale Price: $1.14M (up from $1.05M in January & $1.10M in February).
- March Median Sale Price: $970,000 (up from $930,000 in February & $950,000 in January).
- Median Days to Sell: 55 days (above the 10-year February average of 47 days).
🌐 NZ-Wide Market Trends
- National sales up 5.6% annually to 4,491 transactions.
- Strongest growth: West Coast (+22.2%) & Taranaki (+20.6%).
- National inventory levels rose 13.6% annually to 35,712 homes.
📉 Interest Rates & Market Outlook
- Westpac Chief Economist Kelly Eckhold predicts the Reserve Bank may cut the Official Cash Rate to 3.5% in April.
- ANZ’s Property Focus noted that while house prices continued to climb in February, strong new listings may keep price growth subdued in the short term.
- Labour market stabilization expected to boost buyer confidence later in 2025.
SOURCE: NZHERALD