There is growing evidence that Auckland's booming housing market has plateaued, with the latest REINZ figures showing the median house price in the region dropped by -1.8% in November compared to October.
Median prices were down in most parts of the region, with the biggest fall occurring in the central suburbs of the Auckland isthmus (within the boundaries of the former Auckland City Council) where the median selling price was down -4.4% compared to October, followed by Waitakere -2.1%, Manukau -0.7% and Rodney -0.3%.
But the North Shore bucked the trend, with the median price there up a whopping +10.5% to hit a record high of $1.105 million.
However Auckland's median price of $851,944 was still up +11.4% compared to November last year.
The median price also dropped in the second most expensive region in the country, - Central Otago Lakes - where it was down -3.6% compared to October.
Nationally, the New Zealand median price hit a new record high of $520,000 in November, up +2% compared to October and up +13.2% compared to November last year.
Around the rest of the country median prices rose in most parts of Waikato/Bay of Plenty except Rotorua where it was down 11.9% compared to October and Gisborne where it was down 1.1%.
In the Wellington Region the median rose 4.8% to hit a record high of $500,000 in November and in Christchurch the median was up 3.7% to $465,000.
The REINZ's full report with median prices and sales volumes for all regions is available on this link: REINZ Residential Regional Commentary - November 2016.pdf
Nationally 7576 residential properties were sold in November, up 13% compared to October but down 6% compared to November last year (see the interactive chart below to follow the trend).
In Auckland 2400 residential properties were sold, up 12.4% compared to October but down 4.5% compared to November last year.
In Waikato/Bay of Plenty, sales were up 18.5% compared to October but down 13.3% compared to November last year.
In Wellington sales were down 0.3% compared to October and down a whopping 19.5% compared to November last year and in Christchurch sales were up 22.3% compared to October but down 6.9% compared to November last year.
In a First Impressions note on the figures, Westpac acting chief economist Michael Gordon said they suggested the market was steadying after the impact of the latest loan-to-valuation ratio (LVR) mortgage lending restrictions.
Gordon also noted that mortgage interest rates had been creeping higher.
"This turnaround in borrowing costs could have a more meaningful impact on house prices than the LVR restrictions," he said.