RESIDENTIAL PROPERTY SALES HIT A TROUGH
February sales figures have dropped to the lowest number in a February month since 2011. REINZ data shows sales dropped 32.8% in February from 8,324 in February 2021 to 5,597. For the month between January and February sales declined 3.2%. February is usually the biggest sales month of the year.
Across New Zealand, excluding Auckland, sales dropped 28.8% in the February year from 5,412 to 3,856. Auckland was hardest hit with sales declining 40.2% from 2,912 in February last year to 1,741 – the lowest February sales count since 2019.
But property prices have remained steady.
Median prices across the country increased with only Auckland and Northland dropping.
In the month from January to February this year the national median price rose from $880,000 to $885,000, giving an annual gain of 13.5%.
It is the third month in a row the median was below the November peak of $920,143.
The median residential property price for New Zealand, excluding Auckland, increased 20.6% from $651,000 in February 2021 to $785,000 – a new
