Auckland's housing market has endured a particularly harsh winter, with the city's median sale price dropping 2.4 percent year on year to $830,000, new figures from OneRoof show.
However, reports of busy open homes and properties selling well above CV in Auckland's premium suburbs suggest the market is at a turning point.
House price figures from OneRoof and its data partner Valocity show the biggest lifts in the market in the year to September 2019 were in Central Hawke's Bay (up 16.7 percent to $385,000) and Manawatu/Whanganui (up 16.3 percent to $332,500).
Of the major metros, Dunedin enjoyed the biggest price surge, with its median sale price up 12.1 percent year on year to $437,000. Wellington's property market was also powering ahead, with prices in the capital up 7.4 percent to $650,000.
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Hamilton house prices were up a steady 4.7 percent, while prices in Tauranga and Christchurch barely moved in the last 12 months (up 1.6 percent to $650,000 and 0.6 percent to $432,500 respectively).
Nationally, house prices were up 2.72 percent year on year to $565,000.
OneRoof editor Owen Vaughan says the big increases in Whanganui and Hawke's Bay house prices can be attributed to the abundance of entry-level homes, "although Census results show both regions may not have the populations to support long-term growth.
"The drop in Auckland's housing market is to be expected, with winter particularly brutal in terms of sales and listing volumes. However, anecdotal evidence suggests the market is picking up again. Next month's figures will show how much of a spring boost the city is actually enjoying, and whether reports of good prices achieved at auction is enough to tempt sellers back into the market."
James Wilson, Valocity director of valuation and innovation, says the most active participants in the Auckland market continue to be those buying and selling in the $750,000 to $1,000,000 price band, which represents 44.5 percent of sales.
"Over the last year the overall number of mortgage registrations in Auckland has softened. Refinancers representing 28.5 percent of new mortgages, closely followed by first home buyers (at 26.4 percent), and investors at 17.4 percent.
"It is worth noting that share of new mortgages to first home buyers has declined slightly since last month's figures. This may indicate that first home buyers are reaching their price limits."
Wilson says 76 percent of all sales in Auckland transacted below $1 million, with $1.5m-plus sales falling to 6.1 percent of total sales.
"This tends to distort house price figures as the composition of what is selling shifts downward when compared to previous years."
