Listings highest for 11 years as prices start to plateau

The agency sells one in three houses across the Auckland region and says the monthly downward slide in house prices in the country’s biggest city came to a halt last month, with the median sales price remaining constant with that for July while the average price increased.

Previously, the average sales price had fallen four months in a row, but in August that trend was reversed with the average price over the previous month increasing by 3.1% to $1,157,899. The median price at $1,111,000 remained consistent with that for July.

Rather than signaling that prices are on the increase, this reversal is likely to be an indication that prices are plateauing, says Peter Thompson, Barfoot & Thompson’s managing director.

“The prices being paid in August are still below those being paid in August last year, but the average price was down only 2% and the median price down 1.7%.”