Barfoot & Thompson figures: Nearly half of all Auckland homes sold in November priced over $1m

The latest figures from New Zealand’s biggest real estate business showed that nearly half of all Auckland homes sold in November changed ownership for sums in excess of $1 million.

“The average price at which homes are now selling, compared to June’s average when the market found new momentum, is 10.8 per cent. The increase in the median price is 7 per cent,” said Peter Thompson, managing director of Barfoot & Thompson.

“At the start of the year, $1 million homes represented about a third of our total sales but for the last two months they have represented just under half of all sales.

“And for the second consecutive month we sold more than 100 homes for more than $2 million.”

Sales in November saw the market break average and median price records.

“Buyers are not being deterred by current prices or concerns about whether residential property will hold its value in the months ahead,” Thompson said.

“Buyers are convinced that the time is right to buy, and if they have the support of their bank, and can meet the repayments, then they are prepared to commit.”

Auckland has now experienced five months of sustained month-on-month growth, and sales during November were the highest they’ve been in more than five years.

During November, Barfoot and Thompson sold 1551 homes at an average price of $1,055,971 and at a median price of $974,000.

“Only once before – in March 2015 – have we sold 1500 homes in a calendar month,” said Thompson.

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