Barfoot & Thompson's median selling price drops 5.2% month-on-month in July but sales volumes rise 12%. Median Auckland selling price barely above $800,000 with highest July sales volumes in three years

So there's my 5% drop from peak. Next question is whether the falls remain in the 5-10% decline band, or drop more than 10%....

Did you follow the BNZ files article? Another stumbling block for one of the big 4....

My pick 20%

The fact that sales no.s was up is a good sign that people are still buying big time in Auckland.
Plenty of new stock coming onto the Auckland market will be the effects of the new ringfencing policy that will affect negatively geared investors.
Interesting times in the Auckland market.
Very steady in Christchurch without the prospect of any significant declines whatsoever, which is a great time to be buying right!

It goes to show that if vendors are ready/fleixable with price, are still able to achieve sell.

As they say that maerket determines the price : Earlier when $800000 house went for a million or million plus - justification was that market determines and now when 1.2 Million house goes for a million or $900000 it is the same logic that market determines the price (So RE agent should not justify as one off as NOW are many such one off :)

Domino effect at play - process has just started. Good for FHB and Genuine Investors and BAd for speculators and money Launderers.

There was some sales mix impact on the median sales price as outlined below. Will be interesting to see REINZ HPI data impact.

From the B&T report

“A feature of July’s sales was the relatively high number of sales of property in the under $500,000 price category, which at 15.9 percent of sales was significantly higher than we normally see.

“It points to the higher number of apartment and terrace housing sales showing in the monthly statistics, and the growing acceptance in Auckland of this form of housing."

In residential report from Barfoot online it is apparent that apartment sales in Central Auckland are v largely responsible for increase in sales. This has pulled down median price a lot. Also, where prices are up (like Rodney where rise was considerable) sale sale down. Conclusion evident. Also, need to look at trend. In January 2019, the comparison wit January 2016 was that median was up $67k. In July it was down $41k. NSC flat compared to last year. Barfoots has about 33% market share but not necessarily in all areas. So REINZ figures more reliable.

Underlying message, drop the price please coffee and squashed advo shops near agent offices are going to the wall. Agree appartment sales could swing stats, what would sales look like without?

Would not want to be a developer of unfinished appartments right now. If we follow Aussie a lot of chinese could walk on their appartment deposit and avoid settling. In a declining market thats double wammy time. Boosters off, glide momentium expiring and gravity is taking over. Air bag of lower interest rates has almost no air left in it.

Wheres that popcorn...

"Falling prices unlock sales" sorry?
Sales increase was in bracket under $500k by look of it and there are no details given re what sold because price was reduced. Sales of apartments were reason for sales number gain. These are mostly cheaper than houses obviously

This is it folks, it has begun. RE agency media release language can only spin what’s happening so much. I’m expecting falls in NZ at least as much as Australia, and I don’t think Australia is done yet. Bubbles burst. Currently a slight bull trap there as the govt, RBA, and media are doing their best to revive the market; .5% is not a turnaround, and Perth is in serious trouble.

Two factors affecting the modest increase in comparable sales ,Barfoots auctions and sales rates have bottomed and flatlined. Where auction sales have previously given an immediate boost,and skewed the data upwards , on the way down the reverse occurs until the bottom is found . As negotiated or more delayed sales filter thru , monthly sales may receive a modest boost Second , one monthly sale has had an effect.
10B/ 57-59 Wakefield Street, 10C/ 57-59 Wakefield Street, 10G/ 57-59 Wakefield Street, 10H/ 57-59 Wakefield Street, 11B/ 57-59 Wakefield Street, 11C/ 57-59 Wakefield Street, 11F/ 57-59 Wakefield Street, 11G/ 57-59 Wakefield Street, 12A/ 57-59 Wakefield Street, 12B/ 57-59 Wakefield Street, 12C/ 57-59 Wakefield Street, 12F/ 57-59 Wakefield Street, 12G/ 57-59 Wakefield Street, 12H/ 57-59 Wakefield Street, 13B/ 57-59 Wakefield Street, 13C/ 57-59 Wakefield Street, 13F/ 57-59 Wakefield Street, 13G/ 57-59 Wakefield Street, 13H/ 57-59 Wakefield Street, 14B/ 57-59 Wakefield Street, 14C/ 57-59 Wakefield Street, 14F/ 57-59 Wakefield Street, 14G/ 57-59 Wakefield Street, 14H/ 57-59 Wakefield Street, 15A/ 57-59 Wakefield Street, 15B/ 57-59 Wakefield Street, 15G/ 57-59 Wakefield Street, 15H/ 57-59 Wakefield Street, 2A/ 57-59 Wakefield Street, 2B/ 57-59 Wakefield Street, 2C/ 57-59 Wakefield Street, 2F/ 57-59 Wakefield Street, 2G/ 57-59 Wakefield Street, 3A/ 57-59 Wakefield Street, 3B/ 57-59 Wakefield Street, 3C/ 57-59 Wakefield Street, 3G/ 57-59 Wakefield Street, 4F/ 57-59 Wakefield Street, 57Gf-59 Wakefield Street, 57Gg-59 Wakefield Street, 5A/ 57-59 Wakefield Street, 5B/ 57-59 Wakefield Street, 5C/ 57-59 Wakefield Street, 5F/ 57-59 Wakefield Street, 5G/ 57-59 Wakefield Street, 6C/ 57-59 Wakefield Street, 6F/ 57-59 Wakefield Street, 6G/ 57-59 Wakefield Street, 7A/ 57-59 Wakefield Street, 7B/ 57-59 Wakefield Street, 7C/ 57-59 Wakefield Street, 7F/ 57-59 Wakefield Street, 8A/ 57-59 Wakefield Street, 8B/ 57-59 Wakefield Street, 8C/ 57-58 Wakefield Street, 8F/ 57-59 Wakefield Street, 8G/ 57-59 Wakefield Street, 9A/ 57-59 Wakefield Street, 9B/ 57-59 Wakefield Street, 9C/ 57-59 Wakefield Street, 9F/ 57-59 Wakefield Street, 9G/ 57-59 Wakefield Street,

Let's see if the Auckland median falls significantly in the July REINZ figures. Although I think the HPI is a better measure of where the market is at there is little doubt in my mind that the general public pay more attention to the median. So once the median starts falling it'll have a greater impact on overall market sentiment, which will likely lead to a faster correction than we've seen thus far.

The data looks like an improvement on face value but as some commentators have noted there is a huge booking of sales in one apartment block. Take these out and volumes are again down on a July 2019 vs 2018 basis.

Add on top of that a rise in listings and it seems the real story is people are getting nervous and moving their sales plans forward.

Where there is equity to be banked and where it can be achieved meeting today's naive buyers, the selling and price declines will continue. Barfoots press release tell us there are still plenty of vendors that need to sell into this still weakening buyers market.

Lol. How does it feel to lose 40k per month per property, suckers? I'm asking the reams of people that used to skite to me how much they were making per month on their houses, wrongly claiming that it was more than anyone could make doing something productive.

Drop in stock is due to 2 things: lack of willingness to sell at upper reaches of market where buyers have dropped most and second people not getting price they want pulling listings

Ignoring 2016. A bubble year. When we’re the sales volumes last at the level of this July which is pretty much 15% below the bubble? Given the increase in total stock levels since? Are Barfoots losing market share?

Granny Herald seems awfully quiet on all this bad news, just saying....

The agent we bought with said to me this week, that the "premium" was off Wellington prices. Things still selling in good time, but less upward pressure on prices.