Auckland’s Housing Market Experiences Significant Increase in December Sales Despite Gradual Price Rise

Date Published: 10 January 2024

Key Facts

• Barfoot & Thompson sold 830 houses in December, reflecting a 12.3% decrease from the previous month, but a remarkable 57.5% increase from December 2022.
• In Auckland, the median sales price reached its highest peak in a year in December, hitting $1.045 million. This is a 3.9% increase from the previous three-month average.
• The agency had just 666 new listings in December which is 6.38% less than the previous month and 5.1% less than December 2022.
• Despite the decline in new listings, the agency began the year with 4383 properties, marking its second-highest annual commencement in a decade.
• The average 12-month median price for 2023 was $998,500, indicating a 10.6% decline on 2022’s average of $1.117 million.
• Additionally, sales in the rural markets of Northland and areas surrounding Auckland increased by 69.7% in December, exceeding $56 million.

Article Summary

Auckland’s largest real estate agency, Barfoot & Thompson, reported that the city’s median sales price reached its highest peak for any month in 2023 in December, despite a monthly drop of 12.3% in house sales. Pitted against December 2022, however, the number of sales has increased by 57.5%. The median sales price for the agency stood at $1.045 million, reflecting a steady and gradual rise in prices since August.

Despite a decrease in new monthly listings in December, the property firm began the year with a significant catalogue of properties, attributing to its second-highest kick-off in a decade. The sales numbers for the last quarter of 2023 were substantially higher than the same period of the previous year, mirroring trading patterns experienced prior to the surge in activity during 2020 and 2021.

There’s an optimistic outlook for the future, with market participants predicting a continued albeit modest pace of price and sales increases. The agency recorded the average 12-month median price for 2023 to be $998,500, marking a 10.6% decrease on 2022’s peak average of $1.117m. The increase in Auckland’s property market has significantly influenced the rural and lifestyle property markets, particularly in Northland and the areas surrounding Auckland.

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