The Auckland housing market is on the brink of losing all the capital gains it made in the last 12 months.
• Prices of Auckland properties have fallen so much in the last few months that median prices are going into negative territory on an annual basis.
• Acc. to REINZ, Auckland’s median price peaked at $868k in October 2016 & has declined every month since, hitting $800k in Feb, down 7.8%.
• The downward trend comes at a time when migration-driven population growth rises at record levels & construction of new houses keeps falling.
• Although prices in Auckland have started easing, they remain out of reach for most first home buyers, or at least for those on average wages.
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