Auckland's largest real estate agency group, Barfoot and Thompson, has reported that its average sale price fell 5.3 per cent to NZ$497,479 in July from NZ$525,316 in June as sellers start to to adjust their price expectations.
Barfoot and Thompson is the agent for about 40 per centof house sales in Auckland, New Zealand's largest real estate market. Its monthly figures are closely watched because they are the first to emerge from the market, ahead of the Real Estate Institute and Quoteable Value.
Sales volumes rose 13.1 per cent to 629 in July from 556 in June, Barfoot and Thompson reported.
Barfoot and Thompson Managing Director Peter Thompson said the prices and volumes in July showed "vendors who need to sell are gradually adjusting to the market and lowering their expectations."
"While prices clearly eased during the month, the average was skewed slightly by a package of 87 apartments going unconditional during the month and reducing the overall average," he said.
Meanwhile, he said the agency's property management division reported that the average rent had fallen to NZ$384 a week in July from NZ$391 in June.
"There is a lot of rental stock available and some vendors may be choosing to let their properties rather than sell on the current market, but they need to understand that they may not be able to get as much rent as they had anticipated," Thomspon said.
