The Real Estate Institute said today the median house sale price for the Auckland region rose 3% ($24,500) in April compared to April 2016 to $854,500. Prices rose 9% in eastern & southern suburbs, 5% in the centre.
The Auckland median fell 5.6% from March to April, down from $905,000 to $854,500.
The institute’s national house price index rose 7.8% from a year ago to 2690, nationally excluding it rose 12.8% to 2386, and in Auckland it rose 5.2% to 2901.
The 5845 unconditional residential sales in April were down 32% compared to March and down 31% compared to April 2016.
The institute has changed a number of features of its monthly reports. In short, it’s aligned its regions to those used by Statistics NZ and it’s added more categories to its breakdown of price brackets (see the chart, which previously had 3 lines).
The institute is also placing more emphasis on seasonal adjustment. The concept of seasonal adjustment is good, but as longtime readers of this website will know, I lost faith in Statistics NZ’s ability to achieve reliable seasonal adjustment years ago when it had trouble with Easter moving to March that year – a fairly well flagged event you might have thought, but nonetheless difficult to calculate, apparently.
When I deal with real estate statistics, I don’t trust anything that can be manipulated, and seasonal adjustment is, in the end, a subjective manipulation. So I’ll be leaving those parts of the statistics out of my stories.
Attribution: Institute release.