More evidence has emerged showing the Auckland property market prices are falling.
Monthly figures for Barfoot & Thompson, the real estate firm handling nearly a third of Auckland sales, show prices have dropped 3.1 per cent in three months.
Lower sales numbers are finally having an effect on Auckland residential property sales prices, said Peter Thompson, managing director of Barfoot & Thompson.
"In June the average sales price was $913,606, a 3.1 per cent fall on the average price for the previous three months, and only 0.6 per cent higher than it was 12 months ago," he said.
"The median price for the month was down 2.9 per cent on the average median price for the previous three months and the same as it was for the same month last year.
"While prices invariably fall as we head into winter, June's results confirm that prices are definitely falling."
The news follows the QV Value Index out today, which showed Papakura values fell 1.8 per cent, Waitakere 0.6 per cent, Manukau northwest, Franklin 0.1 per cent, Auckland City east and Auckland City south 0.5 per cent.
Barfoot & Thompson's data showed sales numbers in June at 855 were down 3.5 per cent on sales in May and down 26.8 per cent on the number in June last year.
Sales for the month were their lowest in a June for seven years.
"New listings last month at 1570 were relatively strong and the listing numbers at month end at 4297 were the same as the previous month," Thompson said.
"What is positive for the market is that prices are edging down rather than falling rapidly, and at current prices still represent a good outcome for vendors."