May was an exceptional month with sales of 1,072 properties, the third month in a row where sales numbers for the month have established post 2021 records. Sales in May were up 27.3 percent on those for April. From a sales number perspective, the market is humming.

Contributing to the high turnover in property is that prices are static, with the median sales price for the month at $928,500 and the average sales price at $1,085,751.

The market is in one of those rare moments where prices are stalled and now represent better value for money than at any time in the last two to three years. Buyers are recognising the market is potentially on the cusp of change and are taking advantage of the prices on offer. 

The number of homes for sale remains high, with 1,855 new listings in the month, a nine-year high for May, bringing the number of homes on our books at month end to 6,083. This is double the number of homes for sale in 2021 when sales prices peaked.

The level of new apartment style homes reaching the market is beginning to influence market statistics. For example, 30 percent of the homes we sold in May were valued at under $750,000, while five years ago, only 7 percent of the homes we sold in May were in this price category. As well as making homes more accessible to those on limited incomes, the volume of apartment style homes being sold are keeping in check the market’s median and average sales values.

At the top end of the market, sales of properties in the $2 million and above price category remain strong, with monthly sales in this price segment year-to-date running at 57, their highest post the 2021/2022 price peak.

The rural and lifestyle markets to the north, south and west of the Auckland metropolitan area also experienced a strong lift, with sales for the month reaching nearly $80m, our highest monthly sales in these markets this year.

Compared to April, rural and lifestyle sales numbers were up 61 percent, and total sales values were up 30 percent.