Auck­land house prices slow

South Waikato News - - Property - TAO LIN

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.

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