The REINZ's median price in central Auckland dropped by $84,500 in July

Auckland house prices took a breather in July with the median house price for the region declining by $20,000 to $735,000 in July, a 2.6% decline compared to June, according to the Real Estate Institute of NZ.

However prices continued to climb in some parts of the city and decline in others.

The biggest drop in prices occurred in Central Auckland, which is defined by the old boundaries of the former Auckland City Council, where the median price declined by $84,500 to $775,000, a massive 9.8% drop compared to June’s median price of $859,250.

The median price on the North Shore also declined, dropping by a more modest 0.2% for the month to $939,000.

However median prices were up in other more affordable parts of the city, rising by 1.6% in Waitakere, 1.5% in Manukau and 5% in Rodney compared to last month.

There was also a big jump in the number of home sold last month, both in Auckland and throughout the rest of the country.

Highest national sales volumes in 10 years, highest in Auckland in 12 years

In Auckland, 3,160 homes were sold in July which was up 12.5% compared to June and a massive 41.1% compared to July last year. Overall there were 8,121 dwellings sold in New Zealand in July, up 37.8% on July 2014 and 9.4% from June, REINZ said.

It was the highest sales volume in a July month nationwide since 2005 when 8,213 houses were sold. And it was the highest July sales volumes in Auckland since 2003 when 3,583 houses were sold.

The national median price was $465,000, which was up $49,000, or 11.8%, on July 2014 and $15,000, or 3.3%, from June. The national median price excluding Auckland rose $19,950, or 6%, to $352,000 versus July 2014, and $12,000 from June.

Year-on-year Auckland’s median price was up $125,000, or 21%, to $735,000 in July.

“The volume of sales has been exceptionally strong for the middle of winter,” REINZ chief executive Colleen Milne said.

To read the REINZ’s full regional reports for July, click on the following link:

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