The housing market paused for a cup of tea last month, with the national median selling price declining by $20,000 to $455,000, a fall of 4.2% from the March median of $475,000, according to the Real Estate Institute of NZ.
In Auckland, where the market has been the most overheated, the regional median was unchanged from March at $720,000, although that was up 18% compared with April last year and there were significant variations in price movements within the region.
Median prices fell in Waitakere (-1.4%), Auckland Central (-7.2%) Rodney (-0.9%), and outer Auckland (-3%) and increased on the North Shore (+6.9%) and Manukau (+1%), compared to March.
Around the rest of the country, the median price declined in Whangarei (-4.2%), Taupo (-5.1%), Tauranga (-10.6%), Mt Maunganui/Papamoa (-4.3%), Palmerston North (-10.9%), Wanganui (-2%), New Plymouth (-3.6%), Hutt Valley (-1.4%), Northern Wellington (-10.3%), Eastern Wellington (-8.3%), Central Wellington (-25.6), Western Wellington (-8.1%) and the West Coast (-9.2%), compared to March.
Median prices increased in Hamilton (7.1%), Rotorua (2.5%), Gisborne (6%), Napier (16.6%), Hastings (7%), Southern Wellington (3.3%), Nelson City (5.2%), Christchurch (0.2%), Queenstown (4.7%), Dunedin (3%) and Invercargill (14%), compared to March.
When Auckland's sales figures are removed, the median selling price of homes sold in the rest of the country in April was $353,000, which was up $3000 (0.9%) compared with March.
There were 7234 homes sold In April, a decline of 17.8% compared with March but up 27.6% on April last year.
The REINZ said the number of sales was in line with what would normally be expected at this time of year.
The median number of days it took to sell a property increased from 32 days in March to 34 days in April, which was the same amount of time it took in April last year.
To read the REINZ's full regional reports on sales activity in April, click on the following link:
Median price - REINZ
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18 Comments
I agree Steven, one months stats doesn't confirm too much.
However it would be fair to say there has been quite a lot of negative publicity recently. It's 'possible' we are witnessing the beginning of a change in sentiment, although this can't be confirmed until we see the numbers for a few more months.
I can feel a confluence brewing. Hard to call the timing though.
What happens if RBNZ target Auckland investor loans + the Government starts to get more involved in providing housing supply and some houses actually get built + dairy continues to get smashed + the dollar continues to fall and tradeable inflation pick ups + housing sentiment turns.....all at the same time.
Nothing? Phew, I was getting worried for a moment there....
interesting stats, sales volumes down is that people holding off for more increases
https://www.reinz.co.nz/shadomx/apps/fms/fmsdownload.cfm?file_uuid=0675…
REINZ have "re-calibrated" their House Price Index. It is not clear from their release whether these numbers are comparable to previous numbers or not. I found their Chief Executive unclear trying to explain these changes on National Radio.
Perhaps, Greg, you might be able to get some sense out of them.
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