Auckland real estate prices edge up slightly

According to the latest data from the Real Estate Institute of New Zealand (REINZ), the median house price for Auckland saw the first year-on-year increase in six months, with a rise of 1.4% to $852,000 in August.  Bindi Norwell, CEO of the REINZ, commented “after six months of flat prices in Auckland it is positive to see an increase as we head towards spring.

“We see that properties under $650,000 are selling quickly and anything priced $800,000 or under is also in strong demand depending on which suburb it is listed in. As always, location is paramount, and most suburbs have price ceilings to match the location, and we see that school zones are still critically important. Finance is available, but banks are tightening up their lending criteria. Great properties are selling well, and it is the ‘downsizers’ that list most of these houses. Vendors are more pragmatic in negotiations, and if the offer is close, they are more likely to accept the offer, while investors still have higher price expectations. If more properties come to market over the coming months, it should be a good spring.”