New Zealand's biggest real estate agency says the Auckland market is "cooling slightly" after listing volumes ballooned 42 per cent in the last year and its boss has offered advice to people keen to sell here.
Chris Kennedy, Harcourts chief executive, said the market had changed.
"There are more properties available to buy, up 42 per cent," the business said, comparing Auckland listings in April last year with last month's listings. "However, prices are not yet in line with the new market." Last April, the average Auckland Harcourts' price was $916,726 but last month it was $1,024,317.
Kennedy was more specific.
"Vendors can still achieve very good prices but need to accept that the extremely heated market of a year ago has now cooled slightly. I believe we will see an evening out in average prices as the reality of the new market sets in," Kennedy said.
"We are not going to see a big drop in values but smart vendors will adapt. We are increasingly hearing of vendors turning down a first offer and several weeks later accepting a lower price."
The Real Estate Institute said last week that Auckland house prices only rose $24,500 or 3 per cent in the past year, compared with 2015's rocketing 24 per cent, while national house prices rose 10.4 per cent. That demonstrated the flat state of Auckland's market.
• Total listings: 602 last April, 554 last month
• Property on hand: 1313 last April, 1871 last month
• Written sales: 677 last April, 533 last month
• Average sale price: $916,726 last April, $1,024,317 last month