House prices continue to decline with a $30,000 drop, or 1.4%, to $790,000 year-on-year, as reported by the Real Estate Institute in newly released data.
Auckland’s median house price dropped 2.8% year-on-year to $1.04 million, with first-home buyers, investors, and owner-occupiers being the most active participants.
According to the REINZ report on Auckland, “Some vendors were realistic regarding the asking price, motivated to sell, and met market expectations, while others expected to obtain a price they thought was right, which was always on the higher end of the scale. Attendance at open homes varied across the region; while some may have numerous walk-throughs, others may have none – particularly with existing stock.”
Meanwhile, Northland’s median sale price experienced a slight decline of nearly 0.6% year-on-year, settling at $695,000.
Taranaki’s median remained steady at $600,000. Waikato dropped by 1.6% to $745,000.
Bay of Plenty’s median house price decreased by 0.3% to $650,000, while Hawke’s Bay saw a 3.4% drop, bringing its median to $700,000.
Wellington’s median house price decreased by 2.4%, settling at $800,000.
In Otago, it fell by 8.8% to $661,000.
Gisborne was one of the few regions to defy the trend, with prices rising 4% year-on-year to a median of $650,000.
Canterbury’s median house price remained steady over the March year at $695,000.
The number of unsold properties is also increasing, with more properties hitting the market compared to March last year, “with an increase of 5% nationally, from 11,455 to 12,029 listings,” REINZ said.
“The market remains vibrant rather than stagnant. There have been reports of increased attendance at open homes and auctions. Even in cases where properties don’t sell at auction, there’s plenty of post-auction interest, indicating a resilient and engaged buyer community,” REINZ acting chief executive Rowan Dixon stated.