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  • Writer's pictureParry Singla

April property market update

As a real estate agent in Auckland, I must inform you that the Auckland property market has taken a hit in April. The median price has fallen below $1 million for the first time in 16 months. According to Peter Thompson, Managing Director of Barfoot & Thompson, sales numbers have fallen, and prices have decreased after a brief reprieve in March. Only 473 homes were sold in April, a 38.2 per cent decline from March. This number is comparable to the sales figure from 22 years ago in April.

The median price of a home in Auckland is now at $995,000, which is down 2.9 percent from March and 2.1 percent from the average price of the previous three months. The average price in April was $1,086,866, down 1.5 percent from March and 1.8 percent from the average price of the previous three months.

Sellers are beginning to accept that they need to adjust their price expectations, but they are not willing to accept just any price to make a sale. Buyers who are willing to commit are now able to purchase properties at prices that are comparable to where they were 24 months ago.

Even though sales numbers have slowed, new listings continue to come onto the market. In April, 1,090 new properties were listed, which is modest for the month but provides potential buyers with new options. At the end of the month, there were a total of 4,684 listings available.

The rural and lifestyle markets to the north and south of Auckland experienced modest trading but were more active than the metropolitan area. Properties close to Kerikeri in the $800,000 to $1,200,000 price bracket were active, and Kerikeri waterfront properties attracted attention. However, horticulture sales were affected by softening prices.

Barfoot & Thompson is the leading real estate company in Auckland, selling around one in three Auckland residential homes, significantly more than any other competitor brands.

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