Median prices for New Zealand excluding Auckland increased by 5.8% annually to $455,000, up from $430,000. However, Auckland’s median price decreased 1.3% from the same time last year, with May 2018 seeing a price of $852,000 (down from $862,800 in May 2017).
Bindi Norwell, REINZ CEO, says “Despite the year-on-year decrease, Auckland’s median price of $852,000 is actually up $2,000 on April 2018. Putting the year-on-year figure into perspective, the REINZ Housing Price Index for Auckland increased 0.6% year-on-year, highlighting that, despite a decrease in median price, the market is actually not in decline – it’s just a result of a decrease in $1 million plus properties year on year.
“This suggests that Auckland has found its new normal and bodes well for a positive, but stable market as the industry heads towards the quieter months of the year. That said, with listings hovering around the 9,000 mark, any new properties to the market are attracting a lot of buyer interest, but we also see new parties weekly on properties that have been on the market longer. Investors continue to be active, though a bit more careful. Vendors still prefer to sell by a ‘no price’ strategy and there are regular multi-offer situations. However, buyers seem to respond quicker to priced properties compared to the ‘by negotiation’ ones.