"Auckland prices eased back in November after hitting a record high in October. However, the underlying trend of Auckland prices remains steadily upward, rising by $269,944 at a compound annual growth rate of 13.2 per cent since the introduction of the first set of LVR rules in October 2013," Thomson said this morning.
"First home buyers and investors are staying away from the Auckland market, with numbers down 50 per cent in some parts of the region. As a result inventory levels are continuing to climb. Despite this, the number of sales by auction continues to hold above 40 per cent across the region," he said.
The national median sale price reached a new record of $520,000 and 10 of 12 regions in New Zealand hit new record high median sale prices in November, REINZ said.
Only Auckland and Central Otago Lakes did not post new record median prices.
The number of sales for November 2016 was 7576, up 13 per cent on October. Sales volumes fell 6 per cent compared to November last year. On a seasonally adjusted basis sales for November fell less than 1 per cent, REINZ said.
Today, the Herald published its quarterly Property Report, based on QV data. That showed only a handful of suburbs left in Auckland where first home buyers can get Government help for their house purchase.
To get a KiwiSaver first home grant on a property (up to $5000 for an individual or up to $10,000 for two or more buyers), it must be priced under $600,000, up from $550,000 in August.
But the latest QV estimated median values show this increase has done little to make even houses in the cheapest areas within reach of many first home buyers.
The once-affordable West Auckland no longer makes the cut and there are only few suburbs left in South Auckland.
CEO of Mangere Budgeting Services Trust Darryl Evans said the dream of owning a home for many low-income families was getting further out of reach, the Herald reported.
Read REINZ's statement on the market here:
