AUCKLAND SALES PRICES PLATEAU IN AUGUST, SALES NUMBERS REMAIN LOW

Please find an excerpt from Peter Thompson's August Market Report:

"The monthly downward slide in Auckland house prices came to a halt in August...

Previously, the average sales price had fallen four months in a row, but in August that trend was reversed with the average price over the previous month increasing by 3.1 percent to $1,157,899. The median price at $1,111,000 remained consistent with that for July. Rather than signalling that prices are on the increase, this reversal is likely to be an indication that prices are plateauing.

Where the market is really seeing change is in the number of properties being sold, with sales numbers in August being 578, our lowest number of sales in a month since the Covid affected sales months in mid-2020.

At month end, we had 4637 properties on our books, our highest number of listings at the end of August for 11 years. With high new listings, including new builds entering the market for the first time and a solid base of existing properties, we enter the normally buoyant spring buying season with an excellent range of properties and choice for buyers."