Housing prices are increasing at a slower rate than they were 12 months ago, according to the latest Capital Gains Report from the Real Estate Institute of New Zealand.
The report shows that the median selling prices of homes sold in the three months to the end of August were higher than they were in the same three month period of last year in 13 of the REINZ's 16 sales districts and lower in three: Auckland -1.5%, Marlborough - 2.2% and West Coast -11.1%.
The biggest gains compared to last year were in Manawatu-Whanganui +23.0%, Southland +20.5% and Gisborne +15.6%.
However, in the majority of regions the rate of growth had slowed compared to last year.
The median price growth rate in the three months to August was lower compared to the same period of last year in nine regions, higher in six and unchanged in one (see table below).
The market was particularly weak in Auckland with the region-wide median price in the three months to August lower than it was in the same three month period of both 2018 and 2017.
Median price growth was weaker in all districts of Auckland except Papakura and Franklin on the city's southern flank (see second table below).
Median price growth has slowed throughout the upper North Island, with Northland's rate slowing to 3.2% from 8.6% last year, Waikato was down to 2.0% from 8.5% last year and Bay of Plenty was 3.5% from 7.5% last year.
Even Wellington, which has been one of the strongest markets, recorded median price growth of 8.6% compared to 13.7% last year.
The areas that showed the strongest median price growth tended to be those where prices were still relatively cheap compared to main centres, such as Southland which recorded 20.5% median price growth in the three months to August compared to 3.8% in the same period of last year, and Manawatu/Whanganui with 23% price median price growth compared to 8.9% a year ago.
The comment stream on this story is now closed.
REINZ Capital Gains by Region - Three Months to August
REINZ Auckland Capital Gains by District - Three Months to August