Auckland and Wellington hit record property market lows
Auckland and Wellington property markets have hit record lows in sales speed and volume, signaling a cooling trend in New Zealand real estate. While the North Island faces stagnation, the South Island shows resilience with modest price growth in several regions.
Why it matters
The data reflects broader economic uncertainty and shifting buyer sentiment ahead of national elections, impacting the financial stability of the New Zealand housing market.
Auckland and Wellington both recorded the longest period it has ever taken a property to sell in August last month, and Wellington had its lowest-ever August sales count.
The Real Estate Institute has released its data for the month.
It shows Auckland recorded a median 54 days to sell compared to a 10-year average for August of 43.
Wellington's median was 60, compared to a 10-year average for August of 41.
Nationwide, sales numbers were down 13 percent compared to the same time a year earlier.
The 5430 properties that changed hands was the sixth-lowest number for any August in 35 years.
The house price index, which smooths out variation in median price data cause by the type of homes selling, was down 0.9 percent year-on-year.
Excluding Auckland, it was down 0.2 percent.
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