Auckland’s largest real estate agency, Barfoot & Thompson, says new listings last month were at their lowest level in more than a decade.
Despite sale prices holding up, the agency said more listings were needed to meet spring buyer demand.
“In August new listings were 1,052, the lowest in an August for more than a decade, and at month end we had 3,818 properties on our books, the lowest number in 20 months," said Barfoot & Thompson managing director Peter Thompson.
“New vendors [are] hesitant to enter the market. Spring just may be the trigger required to revive the market."
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Sales were up on July, to 746 properties for the month worth just under $693,848,000. The average sale price at $930,090 was the highest in three months.
“What is lacking in the market at present is listings. Given the near record prices being achieved, and market choice being at its lowest for nearly two years, the incentive to list in the current market has to be strong," Thompson said.
Sales for the 12 months to August are still 261 down on the same period last year, at 9160 properties.
Thompson said that while sales under the hammer were down on two or three years ago, auction remained the most popular sales method.
“Post auction negotiation are leading to a good level of settlements,” he said.
All price segments performed well in August with sales evenly spread between the under $750,000, $750,000 and $1 million, and above $1 million brackets.
Only the Eastern suburbs, Pakuranga/Howick and South Auckland had better August volumes than last year - but all at considerably lower average prices than a year ago. Median sales price for August sits at $830,000, up on July's $800,500 but down on last August's $840,000.
