11 Oct 2018

Auckland housing market remains stalled

12:10 pm on 11 October 2018

House prices continue to grow modestly but Auckland's property market remains stalled.

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Photo: 123rf.com

Real Estate Institute figures show the house price index rose 4 percent in the year to September, fractionally lower than August's annual rate.

The national median house price rose 1 percent on the month before to $556,000, while Auckland's prices showed only a marginal increase to $850,000.

Prices rose in 14 of the 16 regions, with five regions hitting record levels, including Gisborne, Nelson, Manawatu/Whanganui, Northland and Hawke's Bay.

The number of houses sold in September fell slightly on the month before and were down 3 percent on a year ago, while the number of houses available for sales rose to the best level in four months.

"Traditionally there is a lag of about six weeks between significant movements in listings and sales results," institute chief executive Bindi Norwell said.

"With July's listings down by 5.4 percent year-on-year and an all-time low level of listings in seven regions, it's little wonder that September's sales volumes were so low.

"There simply wasn't as many properties for sale resulting in a very quiet start to spring."