Barfoot & Thompson Reports five months of continuous month-on-month Sales growth

Summary

  • Barfoot & Thompson recorded the sale of 1,551 properties in Auckland, with total value of NZ$1,637,811,209.
  • November 2020 was a busy month for the Company. It listed 2,335 new properties during this month.
  • The improved number of listings has resulted in increased buyer choice. Thus, the Company now has 4,043 properties on its books.

Barfoot & Thompson has provided the residential sales report for November 2020. The Auckland market has now undergone 5 months of continuous month-on-month growth in both prices and sales numbers.

The total number of properties sold during the month was 1,551, whose total value was NZ$1,637,811,209. In the last 12 months to November 2020, total properties sales recorded was 11,364 with total value of NZ$11,248,485,263.

Barfoot & Thompson said the market was bustling during November 2020, just like last major buying cycle between 2013 and 2016. Earlier, in March 2015, Barfoot & Thompson sold 1,500 homes.

The average price at which homes are selling in the present times as compared to June’s average when the market found new momentum, is 10.8%. The rise in the median price is 7%.

In early 2020, NZ$1 million homes represented about 1/3rd of the total sales. However, for the last two months, they have been only below half of all sales. In the second consecutive month, Barfoot & Thompson was able to sell over 100 homes for over NZ$2 million.

The number of new occupancies was up considerably as compared to the previous year.

With the increase in the prices, now more vendors have entered the market. In November 2020, the Company listed 2,335 new properties, which is the highest number recorded in its history.

The improved number of listings has resulted in increased buyer choice. As a result, the Company noted 4,043 properties on its books. Further, the Company expects the current strong levels of sales being maintained all through to the Christmas and the New Year break.

Sales of rural & lifestyle properties continue to follow the sales pattern in urban areas, with the auction resulting in a competitive sales environment.

A Glance at Quarterly Rental Report:

As per the data from nearly 16,500 Auckland properties managed by Barfoot & Thompson for the quarter ended 30 September 2020, the average weekly rent improved to NZ$589, which is NZ$9 or 1.79% above the price in the previous corresponding period.

Before the lockdown and 6 months freeze on rents between 26 March and 25 September, there was an increase in the weekly rent by nearly 3% YoY.

In September 2020, there were ~ 40% more properties across the city.

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