House prices in Auckland city have dropped by nearly 5 per cent over the past four months, confirming predictions the property bubble may finally have burst.
Wednesday, July 20th 2005, 8:33AM
by The Landlord
Latest sales figures from the Real Estate Institute - which it insists are the most reliable and up-to-date available - show the median price for Auckland city has dropped for each of the past four months, after peaking in March at $435,000.
The $20,000 drop follows an incredible boom that saw median sale prices jump almost 60 per cent in four years.
Average prices for the Auckland region as a whole have also dropped, from $372,000 in March to $366,500 in June. The number of houses sold also dropped in June, down to 2496, compared to 2615 last year.
Manukau, North Shore and Papakura continue to enjoy a buoyant market, but falling sales figures in Waitakere and Auckland dragged the regional average down.
The fall bucks the national trend, which saw the national median house price continue to climb to $284,500 last month.
