House prices continued to rise in July, but there are indications over the last two months the market is starting to ease, according to Real Estate Institute of New Zealand (REINZ) data.
It is too early to say whether this is the usual winter easing, or if it is the impact of the Government initiatives, including signalled changes to the OCR, according to REINZ.
Median prices for residential property across New Zealand have increased by 25.2 per cent from $659,500 in July 2020 to a record high of $826,000 in July 2021.
Excluding Auckland, the median house price increased by 23.3 per cent year-on-year to a record high of $687,500 this month.
Auckland again reached a record median house price in July for the ninth time in the last 12 months. The median house price for Auckland is up 28 per cent from $918,000 in July last year to $1,175,000 this July.
There was a decrease in sales volumes across most of New Zealand this July. Residential properties sold in July across New Zealand decreased by 11.7 per cent, from 8,135 to 7,187, when compared to the same time last year.