Auckland house prices hold steady

While the number of residential properties sold in Auckland in May was low compared to previous years, prices showed no signs of retreating.

"The average sales price for the month at $942,717, and the median price at $846,000, remained rock solid," said Peter Thompson, Managing Director of Barfoot & Thompson.

"With a sound number of new listings, total listings at their highest for the past five years and low sales, there was greater pressure on prices to fall than has been experienced for some years.

"However, the average and median prices achieved have barely moved for both over the previous three months.

"On a year-on-year basis the average price is now running under 8 percent higher and the median price is 4.5 percent higher.

 “For the first five months of this year sales numbers are down about a quarter on what they were for the same period last year.

"Those vendors that are achieving a sale are those that accept prices are flat, and are likely to remain that way until the September election is behind us.

“New listings at 1734 were down 6.6 percent compared to the average number for the previous three months and nine percent lower than they were in May last year. However, they were a third up on those for April.

“It suggests the price slowdown is not leading to a greater number of people than normal listing their property for sale.

“Total listings at 4298 were up a little on last month’s but more than 40 percent higher than at the same time last year.

“Top end properties remained in high demand with 341, or 38.5 percent of all properties sold in May reaching more than $1 million, and of these 58, or 6.5 percent of properties sold, were for in excess of $2 million.

“Of properties sold in the month 40, or 4.5 percent, sold for under $500,000.