Residential property sales volumes and average selling prices both rose at Barfoot & Thompson in October, auguring well for the summer selling season.
The agency, which is the largest in the Auckland region, sold 884 residential properties in October, up 22% compared to September and up 39% compared to October last year.
It was the highest number of sales the agency has made in the month of October since 2015.
Prices were also up, with the average selling price in October hitting $937,277, the highest it has been since December last year, while the median price rose to $860,000, the highest it has been since March this year.
There was also a huge surge in new listings with Barfoots signing up 2046 new residential properties in October, which was the highest number of new listings signed up in the month of October since 2003.
That pushed the total number of homes Barfoots has available for sale to 4848, the highest it has been in any month of the year since February 2012 and the highest it has been in the month of October since since 2011.
So buyers will have plenty of choice heading into summer.
“Spring arrived and the market came alive,” Barfoot & Thompson Managing Director Peter Thompson said.
He said the increase in prices could be partly attributed to the traditional spring upturn, but there was also a new found confidence that prices were not going to retreat.
That encouraged buyers to put aside their concerns of the last few months and proceed with their buying intentions.
However he also warned that it was not the start of another boom.
“The revival of the Auckland housing market is not a signal that the market is ready for another burst of rising prices,” he said.
“What it does signal is that residential property is set for strong trading through to Christmas.”