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House prices falling in Auckland's eastern suburbs

Looking for the home of your dreams? Now's the time to buy or rent in the eastern suburbs.

Wednesday, July 07th 2004

House prices and sales in the east and bays are lagging behind the rest of Auckland, according to Real Estate Institute of New Zealand figures.

Prices in Ellerslie, Panmure and surrounding areas dropped by 13 per cent between April and May.

The number of properties being sold fell 40 per cent between May 2003 and May 2004.

The institute says house prices in the eastern suburbs are an average 1 per cent lower than the rest of Auckland.

Crockers Property Management director Rob Macdonald says there has been a general quietening of the market.

Mr McDonald believes the market was due for a slowdown so it hasn't been a surprise.

But he is unsure of the exact reasons why prices in the eastern suburbs are falling behind the rest of Auckland.

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