The Auckland housing market finished 2024 on a solid note, with steady sales numbers and a sustained price recovery, according to Barfoot & Thompson, one of the region’s largest real estate agencies.

In December, the median sales price reached $1 million, a slight $11,000 drop from November but still 3.4% higher than the average median price over the previous three months.

The average sales price for December stood at $1,186,462—an increase of 4.7% compared to November and 6.4% higher than the three-month average.

Peter Thompson, Managing Director of Barfoot & Thompson, said, “While these prices are still well below 2021's peak prices, they are ahead of those in the third quarter of the year when the market struggled as the economy came under pressure.”

Managing Director of Barfoot & Thompson - Peter Thompson.

Over the course of 2024, the average annual price increased by 4.4% compared to 2023, while the median annual price saw a slight decline of 0.1%.

December sales numbers reached 833, a seasonal decline from November but 17.1% higher than in December 2023.

Falling mortgage interest rates in the final quarter of 2024 provided a welcome boost, helping the Auckland housing market weather economic challenges.

Thompson noted that sales numbers for the year rose by 17.2% compared to 2023.

Barfoot & Thompson’s December listings of 780 properties marked the first month in 2024 where fewer homes were listed than sold.

By year’s end, available listings stood at 5,094, the lowest level in 11 months but still 13% higher than at this time in the previous two years.

Homes priced under $750,000 accounted for 19% of December’s total sales, consistent with the year’s average for this category.

Meanwhile, higher-end properties in the $2 million to $3 million and $3 million-plus price ranges showed resilience throughout 2024, with average monthly sales of 41 and 14 homes, respectively—exceeding 2023 figures.

The rural and lifestyle markets to Auckland’s north, west, and south also saw significant growth in December, benefiting from lower mortgage interest rates.

Sales in these areas exceeded $80 million, the highest monthly total in over two years and nearly double November’s figures.

Thompson explained, “Rural and lifestyle mortgage lending traditionally takes longer to negotiate with banks than in the urban housing market,” which likely contributed to the late-year surge.

As 2024 came to a close, the Auckland housing market demonstrated resilience despite broader economic challenges, supported by declining interest rates and stable demand.

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