Auckland property market down in April

File

The average Auckland house sale price and volumes achieved by the city's biggest real estate agency dropped from $725,708 in March to $708,603 last month.

Barfoot and Thompson has just released its new monthly data saying sales were down approximately 15 percent over the same time last year, returning to 2012 levels.

Barfoot & Thompson Managing Director, Peter Thompson, said this was due to the Easter, Anzac Day and school holiday period, but a higher than normal number of listings (3623) was also adding to market competiveness.

"Undoubtedly, the loan-to-value ratio and interest rates were also keeping prices in check," Thompson said.

Barfoot & Thompson sold 811 properties during April for an average price of $708,603.

"This average is higher than those achieved last year but more aligned to 2012 numbers. It shows ongoing support in the Auckland property market, but more listings creates more choice, and that ultimately softens prices.

"Sellers need to stay pragmatic about their property prices and not overprice them if they want them sold."

The April median price was $619,550.

Thompson said sales of homes over $500,000 continued to trade well with 547 homes sold in this price range during April, echoing the sort of figures achieved over summer.

Mr Thompson said the market still showed buoyancy and will continue to hold its own over the cooler months.

"The economy is strong, and there's a lot to choose from which is great for home buyers. But there's realism in the market and prices are being pulled back into line. As experienced in seasonal trends, we can expect some price retraction over winter."