The Auckland property market has shown surprising resilience this winter, despite the typical seasonal slowdown.

According to the latest data from the Real Estate Institute of New Zealand (REINZ), the current median Days to Sell has increased to 48 days, which is notably higher than the 10-year average for July, traditionally at 39 days.

Inventory levels have also seen a significant rise, with 40 weeks of inventory available in July 2024—19 weeks more than the same time last year.

Auckland’s Market at a Glance

The Auckland region continues to reflect a complex mix of trends.

The median price for the region decreased by 4.0% year-on-year to $950,000, indicating a softening market.

Auckland City, in particular, experienced a sharp decline, with the median price dropping by 14.6% from June 2024, yet it remains 13.4% higher than in July 2023, settling at $1,068,000.

The sales count in Auckland City also saw a modest increase, recording 478 sales—a 3.0% rise year-on-year.

Different districts within Auckland have shown varied performance.

The Rodney District saw a slight price increase of 0.5% from the previous month, though prices are down 6.9% compared to the same time last year.

Meanwhile, sales activity in the Franklin District surged, with a 27.9% increase from June 2024, and Papakura District recorded a 25.0% rise in sales, highlighting the region's diverse market dynamics.

Buyer Behavior and Market Sentiment

REINZ CEO Jen Baird provided insights into the current market sentiment, noting the mixed behavior of buyers and vendors.

"First home buyers, owner-occupiers, and investors were the most active buyer groups across the region, with Rodney reporting no active buyer group," Baird stated.

She also observed that vendor expectations varied, with some reluctant to accept lower prices, while others were willing to meet market demands.

Attendance at open homes remained consistent, particularly for new listings, which attracted the highest numbers.

The auction clearance rate also held steady, though there was a noticeable decline in lifestyle auctions.

Interest rates, a lack of buyer urgency, stringent bank lending criteria, and high stock levels have all influenced the market's mood.

However, local agents are cautiously optimistic that the spring season may bring a positive shift, especially if interest rates start to fall, potentially boosting buyer confidence.

Looking Forward

With spring just around the corner, the Auckland property market's performance in the coming months will be under close scrutiny.

Local agents are hopeful that the combination of lower interest rates and renewed buyer interest could invigorate the market, setting the stage for a strong close to the year.