Auckland house sales plummet to 9-year low

By Leith van Onselen

The REINZ has released its house price data for May, which revealed a 0.5% seasonally adjusted fall in the national median house price, with prices up just 3.6% year-on-year:

Outside of Auckland, seasonally adjusted house prices rose by 1.0% in May, with prices up 7.3% year-on-year.

Looking at the major cities, Auckland’s seasonally adjusted median house price rose by 0.9% and was up 1.1% year-on-year. Christchurch’s (Canterbury) fell by 1.2% in May but was up 0.5% year-on-year. Whereas Wellington’s median house price fell by 0.2% in May but was up 6.0% year-on-year:

Sales volumes have fallen heavily, down 9.9% year-on-year in seasonally adjusted terms across New Zealand, with Auckland sales down 22.8%:

This was the lowest May sales in Auckland since 2010.

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 $500,000 to $749,999 price range.

Soft market.

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Leith van Onselen

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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