Auckland house prices continue to fall

By Leith van Onselen

The REINZ has released its house price data for January, which revealed a 2.9% seasonally adjusted rise in the national median house price, with prices up just 5.2% year-on-year:

Outside of Auckland, seasonally adjusted house prices rose by 2.3% in December, with prices up 9.7% year-on-year.

Looking at the major cities, Auckland’s seasonally adjusted median house price fell by 2.4% and was down 2.4% year-on-year. Christchurch’s (Canterbury) fell by 1.7% in January and was down 1.4% year-on-year. Whereas Wellington’s median house price rose 0.9% in January but was up 11.6% year-on-year:

The trend for Auckland house prices have fallen over the past two-years:

Sales volumes have also fallen, down 1.6% year-on-year in seasonally adjusted terms across New Zealand, with Auckland sales down 2.7%:

Finally, here are the sales by price point:

As you can see, sales are lower across the highest and lowest price points, but have risen across the middle.

Mixed market.

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