Housing market 'steady on the surface', REINZ says
The Auckland region saw a drop of 3.4 percent to $990,000.
Photo:
RNZ / Kate Newton
There has been an uptick in the number of houses sold last month with fewer listings, though little change in overall prices.
The Real Estate Institute of New Zealand (REINZ) House Price Index (HPI) for June was up 0.3 percent year on year, which was well below the five-year average for June at a growth rate of 3.9 percent.
The national median house price was steady year-on-year at $770,000, while the Auckland region saw a drop of 3.4 percent to $990,000.
"The unchanged national median price suggests stability, yet this reflects contrasting regional dynamics, with some areas experiencing renewed growth year-on-year," REINZ chief executive Lizzy Ryley said.
"We're seeing a market that is steady on the surface but with some movement underneath at a regional level.
Ten out of the sixteen regions reported an increase in median prices compared with the year earlier, with the West Coast up more than 35 percent, while Southland hit a record high median price of $502,500.
"Most vendors are entering the market with realistic price expectations and a willingness to adapt to current conditions, especially those motivated to sell," Ryley said.
"However, many are receiving offers below their anticipated value, prompting some to delay listing, or relisting, until spring or summer, when market activity may show signs of improvement."
The number of properties sold across the country increased by 20 percent year-on-year, though Gisborne saw a 70 percent increase, while Southland's sales rose 35 percent, and Bay of Plenty and Marlborough were both up 33 percent.
"June is typically a quieter month for real estate, and while the seasonal slowdown was expected, sales came in slightly below typical early winter levels," Ryley said.
"Nationally, seasonally adjusted sales fell by around five percent, suggesting some caution in the market, but compared to this time last year, sales remain significantly stronger overall."
Still, national inventory levels rose two percent year-on-year.
"While properties are still selling, the increase in median days to sell indicates that buyers are taking a more considered approach," she said.
This shift probably reflects a broader sense of caution, with many buyers feeling they have the time to explore their options, especially with the amount of choice they have."
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