Auckland was one of only two New Zealand regions not to see property prices rise in the past 12 months, new figures show.
According to the latest figures from the Real Estate Institute of New Zealand (REINZ), property prices in Auckland fell by 3.2 per cent between September 2016 and September 2017. This was the largest fall in prices recorded in the city since December 2016.
However, average property values in New Zealand’s largest city are still higher than anywhere else in the country, at NZ$850,000.
According to Bindi Norwell, REINZ chief executive officer, the Auckland Region’s year-on-year decrease is predominantly the result of a large number of apartments being sold in the old Auckland City boundary which has brought the median price down for the entire region.
Auckland City’s median fell by 17 per cent, but Norwell noted that Franklin District prices increased 16 per cent year on year. The region’s North Shore City remains New Zealand’s only million-dollar plus city.
Nationally, the median property price across New Zealand rose by 3.9 per cent year on year to NZ$530,000.
The largest prices rises in this period were recorded in Otago (up 14.4 per cent), Manawatu/Wanganui (11.5 per cent) and Waikato (9.9 per cent).
Aside from Auckland, the only other region to see a price decline was Nelson, where property prices fell by a whopping 6.8 per cent – the largest decline recorded in the region since April 2012.
Article published 20th November 2017