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20 May 2019

Auckland Prices Ease

Property prices continue to decline in Auckland, as the average residential property value falls for the fifth month in a row. The market is slowing across Auckland's districts, with average values down everywhere with the exception of Franklin and Manukau. In fact, the housing market across New Zealand has taken its lead from Auckland, with Real Estate Institute of New Zealand (REINZ) figures showing static price growth in April, and figures showing a significant fall in the average national asking price.

According to April figures from Quotable Value (QV), property values eased in Auckland to $1,033,583, which is 1.5 percent lower than 12 months ago. Sliding values are being recorded across the Auckland region, with the biggest declines noted in North Harbour at -5.7 percent and Coastal North Shore at -3.3 percent. While dropping prices in New Zealand's biggest market are now widespread and sustained, QV figures point towards a slow and steady decline.

Sliding property values were also represented in figures from, where the average asking price for an Auckland property in April was $904,479 on a non-seasonally adjusted basis. This figure was 5.1 percent lower than March, 9.2 percent lower than February, and the lowest it's been since July 2017. Unlike figures from QV, these numbers reflect a much harder and faster fall. According to separate figures once again, this time from REINZ, Auckland's median price has remained fairly stable around $850,000 since August 2016.

National property growth figures are also starting to stutter, with average values still growing across much of the country as growth rates ease. According to QV, the following centres all experienced a slowdown in April compared to March: Hastings, Napier, New Plymouth, Wellington region, Nelson, Queenstown Lakes, and Dunedin. "New Zealand's annual rate of value growth dropped from 7.6% in April last year to 2.7% last month, while the key market of Auckland continues to see a reduction in value levels," QV said in its latest commentary.

QV has the average national residential property value at $686,975, which is just 0.4 percent higher over the quarter and 2.7 percent higher over the year. While growth is still there, it is muted and looks more and more likely to follow Auckland's lead. Once again, the figures were more pronounced, with the national average asking price reaching $661,889 in April, which was down 4.3 percent compared to March. Substantial drops in new listings were also recorded across the country, with total new listings down 9.6 percent compared to April last year.

Auckland's housing stock was recorded at -12.5 percent over the last 12 months, with Gisborne at -25.6 percent, Wellington at -15.3 percent, and Canterbury at -29.7 percent. Total New Zealand housing stock was still up 6.1 percent from 12 months earlier, however, with more property and lower prices pointing towards a buyers' market. According to spokesperson Vanessa Taylor, "We have left behind the frenetic market of 2014 to 2017 where asking prices spiralled dramatically upwards, largely underpinned by fierce competition and an increase in local and offshore investors."


Image source:  JPL Designs/Shutterstock