Auckland house prices fell in February, as listings rose and the number of properties sold reached its second-highest level in seven years for that month, according to the city's largest realtor.
The average sale price slipped to $747,521, from $757,319 in January and was up from the February 2014 average of $678,533, Barfoot & Thompson said in a statement.
February’s median price declined 1.9 per cent from January to $686,500, but was up 11 per cent on the same month a year earlier.
The company’s statement follows Quotable Value saying on Tuesday that New Zealand residential property values rose at the fastest pace in five months in February.
National property values rose 6.4 per cent over the past year, led by 13 per cent growth in Auckland, QV said.
“Recent housing market figures appear to be affected by seasonality, due to unseasonably strong activity in December,” said ASB economist Chris Tennent-Brown.
Still, “the broad trend continues to indicate a lift in housing demand and turnover, while supply remains very tight. Auckland house price inflation has recently reaccelerated. We expect this trend to continue, particularly given recent declines in mortgage lending rates will fuel already-strong demand.”
Barfoot & Thompson said February sales slipped 1.9 per cent to 843 from the previous month, but were up 9.3 per cent from the same month a year earlier.
New listings jumped 48 per cent to 1771 in the month and were up 6.4 per cent on the year earlier.
The agency had 3,258 houses on its books at the end of last month, up 11 per cent from January, but down 11 per cent from February 2014.