Housing prices and sales drop around New Zealand

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Canterbury is bucking the national trend, with house sales up 5 percent year-on-year. (File photo)
Photo: RNZ / Nate McKinnon

The housing market cooled further in June, with prices and sales falling, while buyers have more options as listings continue to rise.

The Real Estate Institute’s house price index – a measure of the changing value of properties – fell 0.7 percent from a month ago, but rose just over 1 percent from a year ago.

The national seasonally adjusted median price fell 1.3 percent from a year ago and was flat from May to be $770,000.

Read more: Is the golden age for property investment over?

In Auckland, prices rose 2.4 percent from a month ago and were up nearly 5 percent from a year ago, to a median price of $1.05 million.

Sales counts fell 15 percent from a year ago, and the national inventory level increased 29 percent from a year ago, while listings rose 26 percent.

“The increased number of listings coming to market continues the trend we have seen all year, with high levels of choice for buyers nation-wide. The winter months do tend to see fewer people choosing to sell, and this year is no different,” Real Estate Institute chief executive Jen Baird said.

“Salespeople are seeing some properties come to market due to high interest rates, cost of living pressures and changing employment circumstances,” he said.

Nationally, the median days to sell rose by one day to 48 days.

Baird said there was a “notable decrease in buyer activity” and a “reduced sense of urgency”.

“As more listings come to a well-stocked market, those who are in the position to buy are taking their time to carefully select their ideal home,” she said.

Seasonally adjusted median price movements (selected regions)

Auckland – up 2.4 percent from May, up 4.8 percent from June 2023
Waikato – down 1.3 percent from May, down 2.3 percent from June 2023
Bay of Plenty – down 4.3 percent from May, down 6 percent from June 2023
Wellington – up 0.8 percent from May, up 2 percent from June 2023
Canterbury – up 1.6 percent from May, up 5 percent from June 2023
Otago down – 5.3 percent from May, down 3.8 percent from June 2023