May Market Update

Property market continues to adjust

Last year saw house prices rise significantly with Auckland hitting its peak in November – a median of $1,300,000. This represented a staggering increase of 13% from the 6 months prior. Factors contributing to this were a housing supply shortage, historically low interest rates and easy access to lending. 

2022 has seen rising mortgage rates, a tighter credit environment and increase in housing supply all leading to a decrease in price growth. 

Last month Auckland saw negative annual median price growth for the first time since October 2019. A decrease of 2.2% year-on-year to $1,125,000 – down from $1,150,000 in May last year.

A look at our local markets saw varied price growth. Rodney’s median price increased year-on-year to $1,290,000, up 13.3%. The North West median remained unchanged at $1,050,000 and the North Shore decreased 1.9% to $1,305,000

While price growth stats were varied, a decrease in sales volume was consistent among the three areas: -37% in Rodney, -28.7% in the North West and -29.7% on the North Shore.

Buyers continue to make considered purchasing decisions, resulting in an increase in the median days to sell: 43 days for Rodney and the North Shore, and 45 days for the North West.

Market update for North Shore & North West market based on REINZ market statistics for May 2022, released 15th June 2022..