Auckland house prices break $1m barrier: new Barfoot & Thompson data out

Auckland house prices set by the city’s biggest agency have set a new record, the average exceeding $1 million for the first time.

Peter Thompson, Barfoot & Thompson managing director, said the average sales price hit $1,045,104 in October and the median was $967,000.

“Both are significant milestones in terms of house prices in Auckland and are a reflection of current demand for property and people’s confidence in the medium term future of Auckland property prices,” Thompson said.

“While there is strong interest in property from first-time buyers and investors, the vast majority of homes continue to be bought by existing property owners who are moving forward with their lifestyle decisions in terms of their housing ambitions.”

Many homeowners were taking advantage of low interest rates to “transition to the next stage of their lives”, he said.

During October, the agency sold 1319 residential properties, the most in more than four years.

“Property sales for more than $1m accounted for 49.5 per cent of all sales in October. Until recently, they accounted for about a third of monthly sales,” Thompson said.

“Sales for more than $2m are no longer an exception and in October we sold 102 homes in this price category, representing 7.7 per cent of total sales.”

For more property news and listings go to oneroof.co.nz

The OneRoof Property Report, published earlier this week, found that house values had risen most in the last six months in established suburbs – Milford, Northcote, Kingsland, Grey Lynn and Ponsonby – and first home buyer hot spots on the fringe, such New Windsor, Pakuranga, Otahuhu, Opaheke in Papakura and Glen Eden.

James Wilson, valuation director at OneRoof’s data partner, Valocity, said that for suburbs on the southern fringe central, like New Windsor, and for others like Onehunga, One Tree Hill and Greenlane, there is a proliferation of first home buyers driving the market.

“And we’re talking about Auckland first home buyers here, so they’re playing in that bracket of $850,000 to $1.1 million. Within that price bracket it’s been crazy hot. That’s a direct result of groups of first home buyers who were already wanting to buy pre-Covid hitting, who have retained their jobs and they’re still really confident in the market, they’ve just dived in.”

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