Market Update

For the first time in 5 years, we saw a definite change in the Auckland property market over the last month.

Price rises are stabilising and could even be plateauing. The average sales price in July was 4.5 percent lower than in June, and 2 percent lower than the average price for the previous 3 months.

This slowing of the market is partly due to seasonality due to the more lethargic winter months and school holidays, and although buyers are prepared to pay a fair price, the frantic pace of the market has tempered.

In saying that, however, the median price of $840,000 remained the same as the previous month, and 2.1 percent higher than the median price for the previous 3 months.

It’s now a wait-and-see game as from now onwards, we’ll start to see the impact of the Reserve Bank’s new regulations for investors.

If you are considering selling in Spring, don’t wait! Call me today. Appraisals are no obligation and free. Check out the auction results in this newsletter for recent sale prices.

As always, please do not hesitate to contact me if you would like to view any of the beautiful homes listed below. It would be my pleasure to show you through.