Auckland residential property prices held steady during February but there are signs that an increase in the number of listings will begin to contain prices.
Sales volumes in February were down 15 per cent on the same period last year.
Concurrently, the actual number of available listings reached its highest level since March 2013, at 3674.
Barfoot & Thompson Managing Director, Peter Thompson, said these figures indicate that the market is good for buyers, but sellers need to be cautious not to overprice their properties.
“We are starting to see a return to listings levels of October and November last year. For buyers, that’s good, they can start to shop around, but greater choice means more competition. Sellers will need to be realistic and not overvalue their assets if they want them sold.”
February sales were steady for an average house price of $678,533. The February median price was $620,000.
Mr. Thompson said February sales figures were consistent across all price spectrums with a slight increase in the number of sales across higher price echelons.
Barfoot & Thompson sold 122 homes over the $1 million dollar mark in February, up 60 per cent over the same time last year.
Sales of homes $750,000 and above were up 50 per cent on 2013 figures.
“These signs are positive and an indication that the economy is stable, banks are lending, and buyers and sellers remain confident. But there is more choice out there and that will ultimately affect prices.”