Propertyscouts Auckland

What is happening in the Auckland property market? - 23rd Jul 2018

What is happening in the Auckland property market?

It now takes 40 days to sell a property in Auckland, which is above the national historical average of 38 days.

Despite this, sales activity in the Auckland was up by 5.2% year-on-year and by 1.1% on April, once seasonally adjusted.

Auckland’s annual inventory decreased by 2.4% (from 8,560 to 8,356 – 204 fewer properties) – the lowest level of inventory for 9 months.

Auckland saw the second largest percentage of auctions on 21% (386 properties) down from 24% in June 2017 (446 properties).

REINZ chief executive Bindi Norwell says "the Auckland market looks to have found a middle ground around the $850,000 mark, as three out of the past five months have seen a median price in this range. This is down from $856,000 a decrease of 0.7% year-on-year".

The Auckland HPI increased 0.9% year-on-year to 2,883 showing that despite the annual decrease in median price the market is still in a strong position.

Shared for your information by our Rental Property Management company Propertyscouts Auckland from the REINZ Press release archive 17 July 2018

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