WHILE AUCKLAND’S PRICES REMAIN undoubtedly high, the latest data seems to suggest that the phenomenal price growth of recent months might be starting to stall.
For the first time, commentators appear to be looking at a slowdown as an imminent possibility. Even Finance Minister Bill English recently said that, given house price drops in other major cities around the world, Auckland’s prices are likely to fall.
According to the latest Real Estate Institute of New Zealand (REINZ) data, Auckland’s median price fell by $20,000 (-2.6%) from June’s median of $755,000 to hit $735,000 in July. This was a slight decline, but the median price is still up by $125,000 (20.5%) from $610,000 this time last year.
NOT CONSISTENT
Further, the Auckland region’s overall median price fall was not consistent throughout…