City Sales Still Able to Get Record Prices in Auckland Property Slump

City Sales say they are still able to get record prices if people follow their advice and strategy recommendations, despite the drop in overseas buyers witnessing Auckland property prices hitting a "slump", experiencing the biggest drop in five years.

The numbers fell 1.9 per cent to $901,650 - the largest year-on-year percentage decrease since 2014, according to the latest Trade Me property price index, and

Head of Trade Me Property, Nigel Jeffries, said in a statement that while this decline may seem relatively small, it shows that after years of high growth the Auckland property market has "hit a slump".

"Property prices in the region have been flat for a number of months but now it seems the Auckland property bubble is losing air and prices are on the decline.

"With the Government's restrictions on foreign buyers and new regulations for landlords, the Auckland property market is seeing less overseas buyers and investors which is cooling property prices," Mr Jeffries said.

"When we look at the types of properties that are selling in the super-city, apartments are the new favourite property type for Aucklanders with a 19 per cent year-on-year increase in the number of apartments sold in May," Mr Jeffries said. "This surge of interest in apartment living has pushed the asking price up 11 per cent year-on-year to $680,350."

However, there is still interest in the Auckland market, with the average number of listing views up 2.3 per cent on May last year. "The demand is there but buyers are unwilling to pay the huge prices that could be demanded 12 months ago - sellers will need to reset their expectations a little at the moment or hold on until prices track north again," Mr Jeffries said.

City Sales is Auckland’s leading specialist agency, providing expert consultation and representation regarding apartment sales, property management and housing investment, and with their expertise in this area, they are ‘riding’ the slump, and still achieving record sales. To find out more about apartments for sale Auckland, apartments for rent Auckland and freehold apartments for sale please go to http://www.citysales.co.nz .