Auckland sales and prices plummet

The latest data from Barfoot & Thompson, the region’s biggest real estate agency, shows the greatest impact the changed economic conditions had on the property market in April was the 615 sales - a 47.9% drop on March.

“Buyers are now showing a greater reluctance to meet vendor expectations,” says Peter Thompson, Barfoot & Thompson’s managing director.

At the same time property prices have dropped. The April median price at $1,141,000 was a fall of 3.3% and the average price at $1,212,376 was a fall of 1.8%. However, prices remained well ahead of those 12 months ago.

"Remained well ahead of the prices of property 12 months ago”, said Peter Thompson, Managing Director of Barfoot and Thompson.