Let’s have a look at headline numbers for Auckland.
Auckland’s median price has gone up by 1.2% year-on-year and month-on-month. Sales volume has performed better than last month but compared to same time last year, the volume has decreased quite significantly. This shows that while the media talks about property prices crashing, in actual fact property prices are remaining stable.
There are less transactions simply because 1) homeowners are choosing not to come on to the market (stock levels have been falling) and 2) those that do go on the market can afford to hold out if they do not achieve the price they want.
As such, property prices have not decreased drastically and sale volume has gone down. What we are looking at is a lengthening of the median days to sell to 45 days.