House prices stand still while sales numbers fall

Auckland residential house prices in July didn’t budge from the previous month, with the median remaining at $445,000.

Monday, September 3rd 2007, 1:32PM

by The Landlord

However, latest Crockers research shows the number of properties sold was significantly down – in fact, this is the lowest July figure for five years.

The July median is 14% up on July 2006, while year-on-year sales numbers have declined by 11%.

Nationally, the median price fell slightly from June to July, and total sales were down 14% compared to July 2006.

Auckland rental levels are stabilising at slightly higher levels in the past few months, particularly for three-bedroom properties. Their average weekly rent in July was $420, up 7% from $395 in July 2006.

For two-bedroom properties, the average rent was $318, up from $304 for 2006; a 4% increase.

Nationwide rental levels show similar year-on-year increases in both markets, with July levels the same as June in the three-bedroom market ($320) and slightly down on June in the two-bedroom market ($260).

The overall impact is that compared to the rest of the country, Auckland property investors rely more heavily on capital gains to achieve satisfactory returns, the research report concludes.

« Property market continues to slow: QVFewer sales but good prices in September »

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