Prices continue to rise steadily last month in much the same manner as they have done since March, according to the latest real estate market report from leading estate agents Barfoot & Thompson.
In September the median sales price hit $600,000, an increase of $38,500 or 6.9% on that for August, while the average sales price in the month at $657,912 was an increase of a little more than $10,000 or 1.6%.
‘While both the median and average price are the highest they have ever been, the rate of change in September was in keeping with what has been occurring for the past seven months,’ said Peter Thompson, Managing Director of Barfoot & Thompson.
‘The report also shows that the number of sales in September at 1,105 was down 7.9% on that for August, but up 14% on that for the same month last year.
‘Month by month variations in sales numbers are common, and if the Reserve Bank’s new regime was to have had an impact, I would have expected more rather than less sales in September as buyers sought to get in ahead of the new deposit requirements,’ explained Thompson.
He described new listings at 1,636 for the month as excellent, adding that while they were down 4.3% on those for August, they were up 29.2% on those for the same month last year.
At the end of September the firm had 3,191 listings on its books, the highest number since April, but still down 14.5% on the number in September last year.
During the month Barfoot & Thompson sold 379 homes for less than $500,000, 384 for between $500,001 and $750,000, and 150 for in excess of $1 million.
Thompson said it could be between three and six months before it would be possible to judge whether the mortgage changes introduced at the beginning of October will have any medium term impact on prices or sales turnover.
The school holidays will occupy the first part of October, and this always has an impact on listings and sales. It may well take to the end of November or year end before a clear picture of what impact, if any, the new requirements have on market activity and prices,’ he pointed out.
