Sales volumes down, house prices remain stable throughout winter
The recent report from REINZ shows the median price for NZ in June rose by 5.7% to $560,000 up from $530,000 June last year. However, in Auckland the median price decreased by 0.7% year-on-year to $850,000 down from $856,000 last year.
The number of properties sold across the country decreased by 1.6% to 6,034, down from 6,131 in June 2017. Auckland's annual inventory decreased by 2.4% from 8560 to 8356, - the lowest level in the past 9 months.
Bindi Norwell, REINZ chief executive, said: "The lack of housing supply continues to put pressure on prices in the majority of regions across New Zealand, with 12 out of 16 regions seeing a price increase since June last year. Until we solve the supply issue, house prices are likely to continue rising, particularly as the OCR remains low and the banks continue dropping interest rates."