Sharechat Logo

Auckland average house price drops 3.1% in June, sales fall, Barfoot says

Wednesday 5th July 2017

Text too small?

Auckland's average house price fell in June from May and the number of sales also declined to the lowest for a June month in seven years, says realtor Barfoot & Thompson.

There were 855 sales in June, down from 886 in May and from 1,168 in June 2016, Barfoot said in a statement. The average price fell 3.1 percent to $913,606 and the median price slipped 0.7 percent to $840,000.

The realtor said prices "invariably" fall in the winter months and while monthly sales have fallen for nine straight months, weighing on prices, the downturn hadn't turned into a slump. "What is positive for the market is that prices are edging down rather than falling rapidly, and current prices still represent a good outcome for vendors," Barfoot managing director Peter Thompson said.

The Barfoot figures follow Real Estate Institute data last month that showed Auckland's median price rose an annual 5 percent to $865,000 in May, a slowdown from the year-earlier pace of 8.4 percent, while the volume of sales fell 28 percent. The number of properties available for sale in New Zealand's biggest city jumped 47 percent. Signs of a softening of demand in Auckland follows loan-to-value restrictions imposed by the Reserve Bank, which has hampered some property investors from borrowing more to increase their portfolio.

Barfoot said new listings were 1,570 in June, down from 1,734 in May and from 1,770 in June 2016. Total month-end listings were little changed from the previous month at 4,298.

The realtor said it had 291 sales, or 34 percent of the total, for properties for more than $1 million. Sales of properties under $750,000 made up 41 percent of the total, it said. Barfoot had previously provided sales below $500,000 as its measure of the lower-priced end of the market but bumped that up to $750,000 in the latest release.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Stanley-Tallwood liquidator cuts deal over KiwiBuild development
Stanley-Tallwood liquidator cuts deal over KiwiBuild development
RBNZ expected to keep OCR at 1% but leave door open to more easing
Watch for signs of domestic and global corporate health this week
ANALYSIS: Govt will have to pay up for high-rise and other construction
23rd September 2019 Morning Report
RBNZ needs more resources, not more powers: Bascand
NZ dollar hovers near 4-yr low after IMF says downside risks have increased
MARKET CLOSE: NZ shares gain; index reweighting drives heavy trading in Kiwi, Kathmandu
NZ dollar sags after avalanche of data and central bank action

IRG See IRG research reports