Auckland's housing market sales in November were the lowest in 12 years while stock levels for Barfoot & Thompson, the city's biggest real estate agency, hit an 11-year high.
Despite this, Barfoot & Thompson managing director Peter Thompson says the market is far from being in full retreat in the face of rising mortgage interest rates, the return of inflation and low consumer economic confidence.
The agency sold 700 properties in November, up from 627 in October, but down from 1,182 or -41 per cent compared to November 2021. The 700 homes sold in the month was the highest for the past six months.
“Property is selling, albeit at a level lower than at the same time in 2021. What it demonstrates is vendors and buyers are reaching an agreement as to where prices are at,” says Thompson
‘Vendors and buyers are reaching an agreement as to
