Ker-ching! The top sales of 2019

Auckland’s bounce back after several years of decline has begun in earnest as first home buyers solidify their position as the biggest buying group in the city.

WHigher priced parts of the city have endured the biggest value drops year on year, with the likes of Ponsonby, Westmere and Glendowie all feeling the squeeze.

hilst the overall the median value for Auckland is, at $885,000, down 1.1 percent on last year, there has been a slight uptick in the city's housing market over the last three months. Growth has been strongest in Manukau - up 1.2 percent over the quarter - but Rodney is still lagging, down 0.5 percent.

The bounce back appears to be a return to more traditional seasonal conditions in Auckland, with the current spring surge in line with activity before the house price boom at the start of the decade. Supporting value growth have been the cuts to interest rates (and hints of more to come), a shortage of listings and strong buying activity within certain markets and locations, most notably those suburbs that have a high percentage of homes within first home buyer budgets, which in Auckland has stretched now to between $800,000 and $1 million.

First home buyers are still the biggest buying group in Auckland, representing 28.2 percent of new mortgage registrations in the last quarter. Investors account for 14.56 percent of the current Auckland market, and although that figure is well below the levels seen during the boom, they have increased their share in the last quarter. Movers continue to represent a significantly smaller section of the market, accounting for only 9.21 percent of registrations.

Higher priced parts of the city have endured the biggest value drops year on year, with the likes of Ponsonby, Westmere, Glendowie, Takapuna and Long Bay all feeling the squeeze. Kumeu is Auckland's biggest faller, dropping 30.4 percent year on year to $1.11m, although the flurry of new residential developments in the suburb is as much to blame for bringing down the median value as the current challenges in the lifestyle market. The suburbs that have dropped out of the million-dollar club include Albany, Browns Bay, Onetangi, Piha and Three Kings.

Auckland's biggest riser is Omaha, up 16.9 percent year on year to $1.62m, which goes to show not every high value suburb is under pressure. Omaha's reputation as a beach retreat for wealthy Aucklanders and limited stock have fuelled demand and boosted prices. Moving house may be off the cards for some, but buying a bach remains a desirable option.

Overall, it would appear that Auckland has returned to more traditional market conditions, with a surge of activity occurring post winter and into the warmer months. Whilst this has not yet correlated into major value increases, with demand levels picking up, a slow uplift in value levels is likely over the next quarter.