Last year saw house prices rise significantly with Auckland hitting its peak in November – a median of $1,300,000. This represented a staggering increase of 13% from the 6 months prior. Factors contributing to this were a housing supply shortage, historically low interest rates and easy access to lending.
2022 has seen rising mortgage rates, a tighter credit environment and increase in housing supply all leading to a decrease in price growth.
Last month Auckland saw negative annual median price growth for the first time since October 2019. A decrease of 2.2% year-on-year to $1,125,000 – down from $1,150,000 in May last year.
A look at our local markets saw varied price growth. Rodney’s median price increased year-on-year to $1,290,000, up 13.2%. The North West median remained unchanged at $1,050,000 and the North Shore decreased 1.9% to $1,305,000.
While price growth stats were varied, a decrease in sales volume was consistent among the three areas: -37% in Rodney, -28.7% in the North West and -29.6% on the North Shore.
Buyers continue to make considered purchasing decisions, resulting in an increase in the median days to sell: 43 days for Rodney and the North Shore, and 45 days for the North West.
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