Auckland House Price Drop

With all the news recently of how house prices in Auckland are increasing this latest article seems to show a different trend.

The number of houses sold in Auckland fell 24% and median sale price slipped 1.2% to $840,000.00 in December 2016. While the median price was up 5% on December 2015 the volume of sales was down 9.4%.

While prices eased there is no suggestion current prices are under any great downward pressure and sales are achieving normal sales numbers.

Barfoot & Thompson revealed it had 35% more homes available for sale in December 2016 and had their biggest available stock in 4 years.

Barfoot & Thompson revealed 776 new listings were available in December 2016 , less than half in November 2016 though still up 2.5% from a year earlier.

An economist said rising inventory levels appear to be slowing down  Auckland house price growth which will please first home buyers trying to get into the Auckland market.

Sales of million dollar properties accounted for 39.1% of turnover in December 2016 compared with 34.9% a year earlier while sub $500,000.00 houses increased by 1.7% from a year earlier.

While this appears to be good news for first home buyers it remains to be seen if this is merely a blip in the market or going to have long term affects on Auckland house prices stabilising.

Please click into the link attached below to read more.

 Auckland house prices drop, sales fall – Yahoo New Zealand