How the property market performed in Auckland for April
The Auckland market remained stable in April 2019. Conﬁrmation around the abandonment of CGT legislation and the combination of factors such as low interest rates and the lowering of the OCR may mean a potential upturn in action in the coming months.
With a dip in sales volumes and an increase in the inventory of listings, it is giving buyers more options; however, countering that, prices remain stable which indicates we are in a healthy, 'normal' and realistic market climate.
Median house prices across New Zealand increased by 6.4% in April and if you exclude Auckland, this number is 7.6%. Apart from a brief spike to record high of $900,000 in March 2017, Auckland's median price has remained within a fairly tight band around $850,000 since August 2016 and the latest figures suggest they show no sign of spiking up again any time soon.
In Auckland, the number of properties sold in April fell by — 16.3% year-on-year — the lowest for the month of April in 11 years. For New Zealand (excluding Auckland), this number fell by 9.5% when compared to the same time last year. It is worth noting that April is usually a slower month for the residential property market because it traditionally marks the end of the summer selling season, but sales would have been particularly affected in April this year because the Easter, ANZAC Day and school holidays coincided within a single two week period during the month.
Median sale time frame
Auckland saw the median number of days to sell a property increase by 4 days from 37 to 41 when compared to the same time last year.
Number of listings
The number of listings increased by 15% bringing the total inventory to 29 weeks, up 11% year-on-year