Auckland housing market turning in buyers favour

Source: 1News

After years of skyrocketing house prices in Auckland, the tide appears to have turned - in the favour of buyers.

Data shows prices are falling but the rest of the country is yet to follow suit.

“The two major reasons investors invest are for capital growth or rental return and at the moment they are unlikely to see either of those so that's keeping them out of the market," says The Property Institute's Ashley Church.

While all the signs point to a buyers market in Auckland, helped by continuing low interest rates, the trend is not showing in other parts of the country.

Real estate data shows record highs have recently been reached in Wellington, Manawatu, Marlborough, the Central North Island and Southland.

"Where Auckland is right now, you can expect the rest of the country to follow in the next 18 months to two years," says Ms Church.