Auckland house market shows unmistakable signs of slowing

Time period	Number of sales*	Total value of sales
July 2016	1,034 properties	$897,183,180
July 2015	1,388 properties	$1,148,375,040
12 months to July 2016	12,964 properties	$11,038,297,174
12 months to July 2015	13,201 properties	$10,194,102,292

*Includes Barfoot & Thompson Auckland residential sales that have gone unconditional. Excludes Northland and commercial sales.

For the first time in 5 years, the Auckland housing market is showing unmistakable signs that prices are stabilising, and may even be plateauing.

“There has been a definite change in the market in the last month,” said Wendy Alexander, Chief Executive Officer of Barfoot & Thompson.

“The average price in July was $867,681, a fall of 4.5 percent on that for June, but more significantly 2 percent below the average price for the previous three months.

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“The trend is not as evident in the median price, which at $840,000 was the same as in June, and 2.1 percent higher than the median price for the previous 3 months.

Wendy Alexander