Auckland market crushed but not shut down

Average sales prices for houses sold by Barfoot & Thompson last month fell by 4.2% or about $50,000 to $1.132 million on August’s prices but was 13.6% higher than September last year.

The median price at $1.1 million was a 2.7% drop, down $30,000 from the August peak, but 18.3% higher than in September last year.

Barfoot & Thompson managing director Peter Thompson says the drop in average and median price had more to do with apartment sales and the price categories in which sales occurred than buyer resistance to market prices.

“In September, 23.1% of all the homes and apartments sold were settled for under $750,000 compared to only 18.9% in July – the last month of trading not affected by the latest Covid lockdown restrictions.