What's happening in the market right NOW
Read Here
News

July results for Auckland real estate – median prices and number of sales both steady

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.”

Up to Date

Latest News

  • New records reached despite the decrease in sales

    ARTICLE SUPPLIED BY REINZ Auckland’s Median house prices reached a new record of $1,125,000 in April – up 21.6% year on year and the third consecutive month of record prices with 2,591 properties sold. This was the busiest April month in 5 years. However, sales volumes eased from the high … Read more

    Read Full Post

  • The importance of pre-approvals: All you need to know

    ARTICLE SUPPLIED BY BRUCE PATTEN, LOAN MARKET The property boom is showing no signs of letting up any time soon. It’s super competitive out there with many vendors receiving multiple offers within just a few days of going on the market. So, if you are looking to purchase your first … Read more

    Read Full Post