Market slow, but not in full retreat

Despite this, Barfoot & Thompson managing director Peter Thompson says the market is far from being in full retreat in the face of rising mortgage interest rates, the return of inflation and low consumer economic confidence.

The agency sold 700 properties last month, up from 627 in October, but down from 1,182 or -41% compared to November last year. The 700 homes sold in the month was the highest for the past six months.

“Property is selling, albeit at a level lower than at the same time last year. What it demonstrates is vendors and buyers are reaching an agreement as to where prices are at,” says Thompson.

New listings for the month at 1,577, up from 1,371 in September but were down significantly on those for November in the past few years. At the end of last month the agency had 5,052 homes on our books, up 28% on November last year and the highest number for any month for 11 years.