The Real Estate Institute of New Zealand (REINZ) released their July report last week. They reported that Auckland prices fell -0.1% year-on-year to $835,000 (down from $836,000) and the number of properties sold increased by 2.1% or an additional 35 properties, from 1,677 in July 2017 to 1,712 in July 2018.
Bindi Norwell, CEO of REINZ reported that “the stability of Auckland’s median price will be welcome news for first time buyers struggling with Auckland’s house prices, but time will tell whether the low to mid $800,000 mark is a longer-term trend.
“The Auckland median house price of $835,000 remains at similar levels to last July’s median house price of $836,000. Though we are seeing a slower market, which is typical for midwinter, there are early spring signs that this is changing. The overall market is starting to grow in sales numbers, compared to the same period last year. However, there is a growing number of lower priced housing in eastern and southern areas that have come on the market and with that we see an increase of first home buyer interest in these areas. Most vendors are being realistic, especially at the end of an auction campaign. However, they can be slow to respond to softer conditions, if price reductions are required to meet the market expectations. As we move closer to spring, it will be interesting to see what will happen in the market.”