Auckland's residential property market has shaken off its winter blues, with sales numbers and prices surging in October.

The latest data from Barfoot & Thompson reveals a 2.2% rise in median price to $955,000 and a 4.5% jump in average price to $1,129,950.

This welcome upturn is music to the ears of Coasties, who saw 969 sales for the month – a 14.5% increase on October last year.

Peter Thompson, Managing Director of Barfoot & Thompson

Peter Thompson, Managing Director of Barfoot & Thompson, credits reduced mortgage interest rates, falling inflation, and the arrival of spring for the boost.

"The perfect storm of positive factors has instilled confidence in buyers and sellers," Thompson said.

"We've seen a remarkable 51.3% increase in new listings, reaching 2,361 – the highest in nearly three years."

First-home buyers and those in the under $750,000 segment accounted for 23% of sales, while luxury buyers in the $2 million-plus bracket made up 7%.

The rural and lifestyle markets, though slower to respond, are showing signs of life, with salespeople reporting a significant improvement over the past 12 months.

The increased listings and sales may moderate price growth, providing relief for buyers.

With 5,611 properties on the market, Coasties have ample choice.

"This momentum is expected to continue, but the high number of available properties will likely prevent prices from rising too quickly," Thompson noted.

The data

Median price: $955,000 (up 2.2% from September)

Average price: $1,129,950 (up 4.5% from September)

Sales: 969 (up 14.5% from October 2023)

New listings: 2,361 (up 51.3% from September)

Month-end stock: 5,611 (up 11.4% from September)