Price retreat as sales escalate

Barfoot & Thompson’s latest Property Market Report shows last month the median price, which was $1,125,000 in May. This is 4.9% higher than in May last year, 1.4% lower than April and 2% lower than the median price over the previous three months.

The average selling price was $1,189,779. Compared to the same month last year this is an increase of 6.8%, but when compared to April’s average it was down 1.9% and 2% lower than the average for the previous three months.

“Sales prices are definitely starting to fall, but not dramatically,” says Peter Thompson, Barfoot & Thompson managing director.

“Last month’s sales results show vendors are accepting that if they want to sell, they must reappraise their price expectations while buyers are realising that prices are not falling off the cliff edge.