House market

Auckland House Sales Are in Decline, Here’s Why

Even if you’re an urbanite who spends all their days in air conditioned office blocks, the weather affects your life. Noticed how every lettuce at the supermarket is tiny and ratty this year? Bad weather.

It’s not just food that gets affected though, According to Barfoot & Thompson it’s a contributing factor to the cooling effect on the Auckland house market at the moment.

“Winter traditionally sees a slowing in the market and this winter has been no different,” said Peter Thompson, Managing Director of Barfoot & Thompson.

This slowing of the market has still left plenty of listing for buyers to choose from.

“Despite fewer new listings, by the end of the month we had 4088 available listings, 36 percent higher when compared to July last year and down only 5 percent from June.

Weather wasn’t the only factor though, the upcoming election has put a dash of uncertainty into the mix.

“It can be hard to make even the best attributes of your home shine when the weather is miserable; that alongside school holidays and the uncertainty an election always brings, has led to some vendors holding off putting their home on the market.”

“Without question it will take some time for both buyers and vendors to navigate the changing market. Opportunities for vendors to sell are still plentiful, however sellers need to be willing to set themselves realistic expectations and listen to what the market is telling them.”

“Vendors are less likely to see quick sales and significantly above average price increases, in the short term at least. However, this is still a good time to buy and sell in Auckland, given what are relatively small market movements.

“There was little change in the average sales price across Auckland during July. At $908,319 it represented a 5 percent increase when compared to the same period last year and down 0.6 percent from the previous month.

“The median price was down 4 percent when compared to the average median price for the previous three months.”

It’s starting to become a buyers market, but don’t go holding your breath for house prices to suddenly plummet anytime soon.

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