New listings decreased by 2.5% year-on-year, however the Auckland region saw the highest number of properties sold in the month of July for 3 years and the first annual volume growth in 8 months. Much of this annual growth was led by strong sales volumes in the Papakura District (+19.8%), and in Manukau City (+18.5%) when compared to this time last year. Multiple apartments are being built in these areas, which are appealing to first home buyers and may explain the increase in sales volumes.
Low mortgage interest rates, rejection of the proposed capital gains tax, and good (though easing) net migration flows will also be contributing.
Median house prices in Auckland remained flat at $830,000 – the same price as July last year, although the median price fell by -2.4% when compared to June this year.
Given the reasonable outlook for NZ growth – looking forward the market will probably be steady,and we expect more activity in the coming Spring months.