Property prices eased in July, although sales remained strong, according to the latest Real Estate Institute of New Zealand figures.

The impact of midwinter on sales activity and buyer enthusiasm brought the July national median selling price down from $284,500 in June to $280,000.

REINZ National President, Mr Howard Morley, commented, “On an annual basis the market is still 12.45 percent higher that the median a year ago. We are seeing the major centres ease off a bit although the regions continue to show some surprisingly good growth”.

Mr Morley said the slowdown in price movements was traditional for this time of year.

“Although total national sales are up from 8,025 in June to 8,213 in July, which is pleasing, vendors are more likely to take the prices offered at this time of year whereas in spring and summer it tends to be more of a sellers’ market.”

House Price Changes