Housing market continues to take a battering

Tighter credit conditions, higher interest rates and a sharp increase in supply are hammering the market. Sales are slower to complete, property is staying on the market longer and prices are dropping.

House prices are now down 6% from last November’s peak and sales across the country sales are 28.4% down on last year.

The national median selling price dropped from $875,000 in April to $840,000 — a $35,000 decline  and a month-on-month drop of 4%..

The median property price for New Zealand, excluding Auckland, dropped 3.3% from $755,000 in April to $730,000 in May.