Auckland house sales crash to 2010 levels

The REINZ has released its house price data for July, which revealed a 0.6% increase in values over the month, with values nationally also increasing by 5.4% year-on-year:

Outside of Auckland, seasonally adjusted house prices rose by 2.2% in July, with prices up 6.5% year-on-year.

Whereas Auckland’s seasonally adjusted median house price fell by 1.2% in July and were down 3.7% year-on-year.

Sales volumes are in the gutter, with the number of residential properties sold across New Zealand down by 6.1% in August from the same time last year to 5,959 (down from 6,346). This was the lowest level of sales for 7 months, as well as the lowest level for August in five years:

The market is even quieter in Auckland, where 1,761 residential properties were sold in August, the lowest number for the month of August since 2010.

Leith van Onselen

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