Auckland house prices fall 5.4%, national inventory up 27.4%

Auckland house prices fall 5.4%, national inventory up 27.4%. Photo / Alex Burton

The housing market remains subdued across the country, with slightly weaker prices, more stock available and houses taking longer to sell.

The Real Estate Institute’s (REINZ) September house price index, which measures the changing value of houses, fell 0.4% from a year ago.

The seasonally adjusted median house price fell 2.3% from a year ago to $781,000, and up 0.2% from August.

Auckland’s median price fell 5.4% to $970,000.

National sales counts rose 2.4% from a year ago and were little changed from the previous month, while the median days to sell increased by nine to 49 days.

The country’s national inventory level rose 27.4% from a year ago.

REINZ chief executive Jen Baird said while the market conditions were subdued, there was confidence it would improve and lead to a gradual recovery heading into 2025.

“After the Reserve Bank reduced the OCR rate by 50 basis points to 4.75%, the market is expected to see more activity from those who are ready to buy, reinforcing the optimism in the market, and this will likely be reflected in the coming months’ property reports,” Baird said.

She said signs across the country “are largely of stability”.

“Even though we are seeing another year-on-year decrease, this is in line with what we expect this time of year so the market is doing what we would expect, another sign of stability,” Baird said.

She said the increase in stock meant buyers had more options.

“Local salespeople around the country have noted an increase in buyers attending open homes, more so than the usual spring lift we see each year.”

Median price changes in selected regions from a year ago:

· Auckland down 5.4% $970,000

· Bay of Plenty down 1.2% $790,000

· Waikato up 1.6% $760,000

· Wellington up 1.7% $792,500

· Canterbury up 1.2% $688,000

· Otago up 3.8% $685,000

- RNZ