A level of stability has returned to the Auckland housing market, albeit one trading at a lower level than during the peak activity in the last quarter of 2021, according to local estate agency chain Barfoot & Thompson.

The firm has reported that the median sales price in the city in October was NZ$1,092,500 (£564,000), which was consistent with where prices have been for the past three months. This price was NZ$28,000 higher than last month’s median price, but NZ$57,500 lower than in October last year. 

While this latest property price represents a fall of 14% from the all-time high residential median price in November 2021, the median price has now stayed within a 4% range for the past four months.

Peter Thompson, managing director at Barfoot & Thompson, stated: “New listings for October were up 5.4% on last month’s number but were lower than we normally see at this time of the year. Total listings at month end were 4743, making choice the best it has been for five months.”