Last week, the Real Estate Institute of New Zealand (REINZ) released their June report on the real estate market in New Zealand. Results from the Auckland market showed that the median price is flat, the number of new listings is down and properties are taking longer to sell.
Median house prices in Auckland remained flat at $850,000, exactly the same price as last month and as the same time last year. In contrast, the REINZ Housing Price Index showed property values in Auckland falling by -3.5% indicating that parts of Auckland have experienced some moderate cooling.
A decrease in new listings by 12.7% year-on-year means less new stock available, and the number of properties sold in June fell by -3.2% year-on-year (from 1,879 to 1,819).
Bindi Norwell, REINZ CEO, commented:
“With the lowest number of new listings for the month of June since listings records began, Auckland saw the lowest number of properties sold for two months continuing the trend we’ve seen for a few months now.”
“Our seasonally adjusted results tell us that, compared to what we expect when moving from May to June, the observed stability in median price was in contrast to the minute decrease expected and the observed decrease in sales count was smaller than expected. The current Days to Sell of 45 days is above the 10-year average for June which is 35 days. The level of inventory available for sale currently sits at 27 weeks, six weeks more than in June 2018.”
Click here for a summary of the key data for the Auckland market –