Auckland market softens

Auckland residential sales activity was healthy towards the third quarter of 2011, with the volume in September 2011, almost 14% higher compared to the same period in 2010.

Growth retracted slightly, in both volume and prices during December 2011.

The volume of sales decreased almost 5% from 1922 to 1832, and the median sales price dropped about some 2% from $475,000 in September to $465,000 in October 2011.

This was perhaps partly due to a small increase in the proportion of sales represented by apartments (up by 0.6%) and due to the Rugby World Cup.

If one believed in the adage of ‘never hold an open home during a test match,’ then, the number of people keen to sell during October may have naturally fallen, as the number of people interested in viewing open homes when there were major rugby matches on.

Meanwhile, Paymark showed higher retail and hospitality figures for the World Cup period across New Zealand and especially in Auckland.

Source: Crockers Market Research, December 2011

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