Latest Auckland Property Report: June/July

We have seen some record asking prices in Auckland suggesting that it's still a sellers market, with new listings declining. There were a reported 8,524 new listings for sale on the website in June, 20% less than in May last year.

The latest figures show the average asking price for Auckland properties listed for sale in June hit an all time high of $732,240, ahead of the average asking price in May which you can see in the diagram below.

These Auckland sales figures have driven up the national average asking price up to $490,550.  Lack of supply and high demand is still the trend in the property market - "The high asking prices in Auckland in particular suggest that home sellers are confident they will get their price," Realestate.co.nz marketing manager Paul McKenzie said. "A factor in this may be the low overall supply of homes."

Interestingly, the number of sales below $400,000 fell by 17% compared to last year and those properties with an asking price in excess of $1 million rose 19% in the year. Sales between $600,000 and $999,999 rose 6.5% from last year to make up 20% of total sales. Houses in the $400,000 to $599,999 price range rose 2.3% compared to last year making up 28% of total sales.