Auckland house prices stabilise

The Herald reports:

More evidence has emerged showing the Auckland property market prices are falling.

Monthly figures for Barfoot & Thompson, the real estate firm handling nearly a third of Auckland sales, show prices have dropped 3.1 per cent in three months.

Lower sales numbers are finally having an effect on Auckland residential property sales prices, said Peter Thompson, managing director of Barfoot & Thompson.

“In June the average sales price was $913,606, a 3.1 per cent fall on the average price for the previous three months, and only 0.6 per cent higher than it was 12 months ago,” he said.

That means house inflation in Auckland is now less than overall inflation.

This is only one measure, so too early to be certain. But it looks like the combination of supply and demand side measures are finally having the impact people wanted.