House sales drop in AKL

Central Leader - - YOUR PAPER, YOUR PLACE - SU­SAN ED­MUNDS

Auck­land’s rate of house sales has fallen to the low­est level since the Global Fi­nan­cial Cri­sis, real es­tate agency Bar­foot & Thomp­son says.

Sales num­bers in April were down by a third com­pared to the av­er­age of the pre­vi­ous three months.

There were 664 sales in April, com­pared to 1110 in March and 944 in April 2016.

Of­ten, a drop in sales num­bers is a pre­cur­sor to a fall in prices.

But Bar­foot & Thomp­son man­ag­ing di­rec­tor Peter Thomp­son said the slow­down had not yet had an im­pact on prices.

‘‘The me­dian sales price at $850,000 for the month was down only $5500 on the av­er­age me­dian price for the pre­vi­ous three months,’’ he said.

‘‘The same trend was there around the av­er­age price, which at $917,079 was down only $25,000 on the av­er­age for the pre­vi­ous three months.

‘‘While prices have de­clined from March’s all-time record highs, the fall rel­a­tive to the av­er­age for the first quar­ter of this year is mod­est, and on a year-onyear ba­sis the me­dian price is up 3.7 per cent and the av­er­age price is up 5 per cent.’’

But Thomp­son said the mar­ket had changed and buy­ers were be­ing far more se­lec­tive.

There were 192 new list­ings in April and there drop in sales num­bers was felt across all price rungs, Thomp­son said.

House sale num­bers in Auck­land have hit a level not seen since 2008.

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