PHOTO: Norwell said Kiwis are still buying in fear of missing out and properties are continuing to sell quickly.
House prices across New Zealand have fallen 2 percent since December 2020 but have still recorded significant growth year on year.
The Real Estate Institute of New Zealand (REINZ) released their monthly data for January on Tuesday which showed a marginal decline in the median New Zealand house price from $745,000 down to $730,300.
For New Zealand, excluding Auckland, house prices fell 4.4 percent month-on-month from $630,000 to $602,000 in January.
Auckland had a decline of 2.4 percent, down $25,000 from $1,025,000 to $1,000,000.
However, chief executive Bindi Norwell said the decline was expected, as Kiwis head to the beach for the summer holidays.
“The Auckland market saw a slight cooling off in prices when compared to the record high we saw in December 2020, which is what we would expect at this time of the year,” she said.
“Interestingly, when we look at the data from a seasonally adjusted perspective, house prices were actually higher than we would normally expect at this time of the year (an increase of 1.7 percent).”
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