Sales numbers lift from the doldrums but prices drop slightly

The agency says average sales prices have remained relatively static over the past three months, and July’s average was just 1.7% lower than the previous three-month average.

The median price for the month at $950,000 was down 4.5% \when compared to June.

“When looking at house prices, Barfoot & Thompson managing director Peter Thompson says it’s important to remember that on average in New Zealand people live in their homes for about seven years before considering their next move.

“This means many of those considering listing in the coming weeks and months will have bought their property in 2016, and in the intervening years it’s likely the value of their property will have increased by about 23%.