Auckland residential activity stagnates as rises continue elsewhere

Real Estate Institute figures out on Friday show residential sales in Auckland rose slightly from October to November, and the $2500 rise in median price was next to a standstill. The November median was lower than a year ago.

Outside Auckland, the rise in number of sales was stronger in a month than it was compared to a year ago, but the median price gain in a month was small, versus a 7.8% gain from a year ago.

In short, a mixed picture.

For Auckland, it equates broadly to stagnation – volume marginally up, time to sell longer, price index down, the monthly median up from October in 4 areas and down in 3 (the institute still counts according to the pre-November 2010 council boundaries).

Median house price, November 2018 (October 2018 & November 2017 in brackets):
Auckland: $867,000 ($864,500, $880,000), up 0.3% from October, down 1.5% from November 2017
National: $575,000 ($561,000, $540,000), up 2.5% from October, up 6.5% from November 2017
NZ ex-Auckland: $485,000 ($478,500, $450,000), up 1.4% from October, up 7.8% from November 2017

The November median sale price was a record in 6 regions (November 2017 median in brackets):
Northland: $515,000 ($425,000), up 21.2%
Waikato: $529,000 ($490,000), up 8.0%
Hawke’s Bay: $470,000 ($420,000), up 11.9%
Wellington: $613,000 ($550,000), up 11.5%
Tasman: $645,000 ($541,000), up 19.2%
Southland: $275,000 ($265,000), up 3.8%

Volume sold, November 2018 year (October 2018 & November 2017 in brackets):
Auckland: 2039 (2019, 1963), up 1.0% from October, 3.9% from November 2017
National: 7286 (7052, 7102), up 3.3% from October, up 2.6% from November 2017
NZ ex-Auckland: 5247 (5033, 5139), up 4.3% from October, up 2.1% from November 2017

House price index (November 2017 in brackets):
Auckland: 2873 (2891), down 0.6%
NZ ex-Auckland: 2663 (2476), up 7.6%
National: 2758 (2664), up 3.5%

Median days to sell (November 2017 in brackets):
Auckland: 37 (35)
NZ ex-Auckland: 34 (32)
National: 35 (33)

Auctions (November 2017 in brackets):
Auckland: 524 (653), 25.7% (33.3%)
NZ: 1112 (1235), 14.7% (14.9%)

The institute said this was the first time the under-$500,000 share had fallen below 40%.

The breakdown of sales in price brackets and their share of the market (November 2017 in brackets):
$1 million-plus: 1072 (1061), 14.7% (14.9%)
$750-999,999:  1130 (927), 15.5% (13.1%)
$500-749,999:  2201 (1957), 30.2% (27.6%)
Under $500,000: 2883 (3157), 39.6% (44.5%)
Total sales: 7286 (7102)

Median prices & volumes around Auckland on old council boundaries for November 2018 and, in brackets, October 2018 & November 2017:
Auckland region: $867,000 ($864,500, $880,000), 2039 (2019, 1963)
Auckland City: $999,000 ($959,000, $960,000), 642 (658, 714)
Franklin District: $700,000 ($638,500, $629,000), 90 (78, 76)
Manukau City: $842,000 ($830,000, $860,000), 390 (400, 351)
North Shore City: $1,041,000 ($1,000,000, $1,064,500), 313 (325, 309)
Papakura District: $650,000 ($675,000, $655,000), 91 (86, 96)
Rodney District: $854,000 ($870,000, $960,000), 200 (159, 175)
Waitakere City: $772,500 ($825,000, $750,000), 313 (313, 242)

Attribution: Real Estate Institute.

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