Is this the “cusp of something special” that Key was talking about?
Auckland housing market change confirmed
A change in Auckland’s residential property market has now been confirmed by three separate organisations this month.
Yesterday, the Real Estate Institute said Auckland house prices had fallen 4 per cent in the last month and sales volumes were down 5 per cent year on year.
Barfoot & Thompson said this month that the Auckland market had “turned” and there were signs of price rises slowing. The QV House Price Index, also out this month, showed Auckland’s 3.7 per cent quarterly value rise the slowest since January last year.
REINZ explained Auckland changes yesterday.
“Compared to November 2015, sales fell 5 per cent and on a seasonally adjusted basis the number of sales in the Auckland region fell 3 per cent compared to October.
“Compared to November 2015 the median price rose $86,944 (+11 per cent), although it fell by $16,056 (-2 per cent) compared to October 2016. On a seasonally adjusted basis, Auckland’s median price fell 4 per cent compared to October,” REINZ said.
Bryan Thomson, REINZ spokesman, said the underlying trend was still for prices to rise.
If the bubble bursts its good news for first home buyers, bad news for the over-extended (and the government).