NZ's largest realtor reveals July housing stats
Auckland house prices have remained stable in July but volume of sales has lifted, according to new figures from Barfoot & Thompson.
The July median price remained static at $810,000, with no change on the year or on the month. Number of sales lifted by 11% on the year with the demand for lower priced property remaining strong, and the average sale price was up 0.5% on the year, but fell 1.8% from June to $912,487.
New Zealand’s housing market has shown signs of a slowdown following tightening lending criteria from the banks, and the government’s move to restrict purchases made by residential investors. Nonetheless, demand still outweighs supply, and a continued influx of migrants is driving the need for additional housing.
“July is traditionally when prices reach their low point for the calendar year, and with sales numbers holding up, the signs are there that not only is the market weathering winter well, it is setting itself up to be active in the coming spring,” said Barfoot & Thompson managing director Peter Thompson.
“Another pointer to prices remaining stable is that new listings were down to their lowest level this year, and the trend of declining choice for buyers has been growing since April.”
The realtor also noted that lifestyle and rural properties were up 21% on those for last month, with rural and lifestyle sales being particularly solid in the Swanson and Pukekohe areas. Interest in beef and dairy farms in the far north has also been “higher than normal” for this time of year, though the available choice and listings has been limited across the board.
“At 4115 properties at month end, we have the lowest stock levels for the last 10 months,” Thompson said. “While still some way above the squeeze felt during the active trading years of 2013 to 2017, available choice is definitely declining.”
