So how has the Auckland property market performed in July?
The latest statistics are in and research shows that Auckland was the only main city to see some value depreciation this month — by a relatively small 0.3%. However, values are marginally up when you look at the previous quarter.
Overall, the New Zealand property market continues to be balanced with restrained growth. Combining factors include weakened net migration numbers and economic growth as well as LVR (Loan to Value) restrictions from banks. On the up side, though, new building consent applications remain strong.
There is still a shortage of listings evident, which favours sellers, although this is not unusual during the winter months as stock levels start to increase around August ready for the spring market.
So, we’re not expecting to see major shifts or changes in the Auckland property market, and it will remain balanced in the current market conditions.