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

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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