The Real Estate Institute of New Zealand (REINZ) released their monthly report on 11 May. The headline read “Real Estate Industry sees highest annual volume increase in 23 months”, which sounds very positive. However, reading further in the report, it became clear that this statement only applied to the rest of New Zealand as the figures for Auckland did not follow the national trend. In Auckland, the number of sales increased a modest 2.4% (from 1,810 sales in April 2017 to 1,854 sales in April 2018) and Auckland’s median prices decreased marginally by 0.7%, down from $855,000 in April 2017 to $850,000 in April 2018. Bindi Norwell, Chief Executive of the REINZ said that “looking at the price breakdown for the Auckland market explains why the region experienced a decrease in median price. The number of properties sold for between $250,000 to $750,000 increased and the number of properties sold in the $750,000 and above brackets fell, thereby bringing the overall median price down.
Bindi continued to report “the Auckland property market is showing signs of becoming more complex with different sales patterns within the region. For example, Franklin sees a steady demand with moderate increases in sales, prices holding and a good listing base; whereas East Auckland is seeing a slow down in auctions and open home attendees. Auckland’s property market is always changing, but it is likely that there now won’t be any major changes to the current patterns until spring”.
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