Auckland Housing Property Report: May
The latest statistics have reported a 13.6% drop in in sales as we come into the winter season. Seasonally, this is quite common as people do (generally) prefer to list in the summer or spring months where you see the majority of activity.
The average sales price during May was $702,966 (down from $708,603 in April 2014) and that was down from $725,728 in March.
Auckland particularly has been very short of new listings and this appears to be continuing but again, quite common for this time of year.
The latest figures show that the 'speed limits' on high loan-to-value lending introduced by the Reserve Bank in October appear to be continuing to dampen sales volumes but in South Auckland, we have seen auctions continue to sell and while listings are tight, properties do continue to sell. The median price, which has jumped all over the place recently, rose to $645,000 from $619,550 in April 2014. It now sits slightly below the record $652,000 set in March.
The median is up 13.2% on a year ago, which further suggests that overall prices are not being hugely effected by the LVRs.
The LVR may also be lifted by this time next year which will increase the number of willing purchasers.
In South Auckland, primarily Papatoetoe, Goodwood Heights, Clover Park and Totara Heights, it is still firmly a sellers market. Quality homes in good locations are going out the door and therefore the auction method is the preference with the majority of real estate agents in these areas.
Well, that is the last blog post from me as I will be in Spain from 10th June to the 14th July. Keep warm and I look forward to updating you on the market upon my return!