House Prices

Auckland median price down, national median price up

More evidence of the “Auckland effect” comes in the latest Real Estate Institute of NZ data which shows that, in July, Auckland’s median price fell by 2.6%, while the national median price rose by 3.3%.

Thursday, August 13th 2015

According to the REINZ data, Auckland’s median price fell by $20,000 (2.6%) from June’s median of $755,000 to hit $735,000 in July.

While this was a slight decline, the median price is still up by $125,000 (20.5%) from $610,000 this time last year.

This means that, over the last year, Auckland easily recorded the largest percentage increase (21%) in median price of all the regions.

Further, the Auckland region’s overall median price fall was not consistent throughout the region.

Central Auckland and North Shore median prices fell by 9.8% and 0.2% respectively, but median prices in most other areas rose.

Meanwhile, the national median price rose by $15,000 (3.3%) from $450,000 in June to $465,000 in July.

This was an increase of $49,000 (11.8%) on the July 2014 median price of $416,000.

Sales were also up nationwide, with an increase of 6.3% from June to July, and nine regions recording increased sales volumes compared to June.

In Auckland, sales were up 11.0% compared to June, which indicates that sales volumes in the SuperCity were stronger than in the rest of the country.

REINZ chief executive Colleen Milne said the volume of sales across New Zealand had been exceptionally strong for the middle of winter.

She pointed out that there had been very strong year-on-year sales growth in the top half of the North Island and Central Otago Lakes in particular. 

“Backing this is strong anecdotal evidence of Aucklanders buying in these regions as owner occupiers and investment properties.”

Limited inventory remained a significant problem in Auckland, with less than 10 weeks supply available, Milne continued.

“There is an emerging problem of available properties in Northland and Waikato/Bay of Plenty, with a 50% fall in inventory for Northland over the past 12 months and a fall of 60% in Waikato / Bay of Plenty.”

In Westpac chief economist Dominick Stephens' opinion, the REINZ data for July was generally strong.

“The seasonally adjusted number of sales rose to an eight-year high, while the average time to sell dropped to an eight-year low. The nationwide stratified price index rose 1.1% for the month, to be up 14.9% on a year ago.”

Stephens said that, with the ongoing exception of Wellington, prices rose in most of the broad regions.

This was particularly notable in the “other North Island” group where prices had shown some real strength in recent months, leaving them up 9% on a year ago.

“This fits with the growing number of anecdotes that housing demand from Auckland, for both owner-occupied and investor properties, is now radiating out to other centres such as Hamilton and Tauranga,” he said.

Comments

No comments yet

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.

Interest rate expectations: It’s not over yet

Thursday, March 07th 2024

Interest rate expectations: It’s not over yet

Most Kiwis think interest rate increases have peaked.