Auck­land prices fall­ing


Auck­land house prices are def­i­nitely fall­ing, the city’s big­gest real es­tate agency says.

Bar­foot & Thomp­son has re­leased its sta­tis­tics for June, which show the av­er­age sales price for its sales was $913,606, 3.1 per cent down on the av­er­age of the pre­vi­ous three months and only 0.6 per cent higher than a year ago.

It is the first time this cy­cle that the agency has re­ported a price drop - QV and the Real Es­tate In­sti­tute have al­ready ac­knowl­edged it hap­pen­ing in parts of the city.

‘‘The me­dian price for the month was down 2.9 per cent on the av­er­age me­dian price for the pre­vi­ous three months and the same as it was for the same month last year,’’ said man­ag­ing di­rec­tor Peter Thomp­son.

‘‘While prices in­vari­ably fall as we head into win­ter, June’s re­sults con­firm that prices are def­i­nitely fall­ing. Monthly sales num­bers have been be­low the pre­vi­ous year’s num­bers for nine con­sec­u­tive months, and that is fi­nally hav­ing an ef­fect on prices.’’

He said it was pos­i­tive that prices were edg­ing down rather than fall­ing rapidly. ‘‘Cur­rent prices still rep­re­sent a good out­come for ven­dors.’’

The 855 sales in June was a drop of 26.8 per cent on June 2016.

‘‘Sales for the month were their low­est in a June for seven years,’’ Thomp­son said.

The fall is at­trib­uted to high prices and banks’ stricter lend­ing cri­te­ria, mak­ing it harder for non-cash buy­ers.

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