Auckland house sales take a big hit
Average prices in January are down 7.5% on a monthly basis to $517,613, however over the year they are up 8.9%.
An indication the market is deflating is the sharply rising stock of unsold homes.
Barfoot & Thompson says it ended the month with 6,173 listings on its books. Director Peter Thompson says that’s a higher than normal figure, but says it shows “there are plenty of willing vendors in the market but that they will need to be realistic about price expectations.”
Sharebroking firm Goldman Sachs JB Were says; “This suggests the market is failing to clear at recent high prices and that low net migration and very high mortgage rates are hampering demand,”
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