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.