Auckland house prices slow
House prices in Auckland have stopped rising for the moment, according to real estate company Barfoot & Thompson.
However, other experts say although house value increases in the city have slowed, prices are still ‘‘chugging along’’.
Barfoot & Thompson’s November sales figures the average sale price and median price for Auckland houses in November were down compared with October.
Managing director Peter Thompson said the average price in November was $933,130, down 1.1 per cent on October.
‘‘Signs the rate of price increase has been slowing have been there for some months, but November’s sales data confirms that for the time being at least, Auckland prices have stopped rising.’’
Thompson said November and December were traditionally peak periods of the year and it was the first time in eight years that November’s prices were below those for October.
ASB economist Kim Mundy said the impact of the latest loan-to-value ratio (LVR) restrictions appeared to have less of an impact on the Auckland market than last year’s restrictions.
According to Barfoot & Thompson figures, average house prices were only 6.5 per cent higher than a year ago.
Auckland house sales increased in November, but stayed below November 2015 levels.
‘‘They might be below where they were this time last year, but the overall market still feels like it’s chugging along,’’ Mundy said.
At the same time, new house listings continue to climb, now 11.6 per cent higher than November last year.