Auckland house price data bucks downward trend

12.00pm - By ANNE GIBSON

House price data released today for Auckland has bucked the downward trend and showed a slight recovery which was mirrored throughout the country.

The latest monthly Real Estate Institute figures showed Auckland's median sale price rose from $336,500 in August to $337,000 last month and the national was up from $247,000 to $250,000.

The slight recovery was in stark contrast to figures released last week.

Auckland's largest real estate firm Barfoot & Thompson then calculated that house prices were falling by almost $500 a day, based on a reduction of more than $14,000 in the average sale price of Auckland homes during August compared to September.

But a Barfoots spokeswoman today stood by the figures, saying her firm used an average rather than median, so it was wrong to compare Barfoots' figures with the institute's.

The institute measured sales throughout Auckland from many agencies which would show a different picture, she said. The Barfoot average price data showed sales by one agency, whereas the institute's figures were gathered nationally, she said.

Real Estate Institute president Howard Morley agreed, saying the Barfoots figures had exaggerated the impression of declining Auckland prices and been based on a limited number of upper-end sales by one real estate firms.

Auckland house prices were "surviving pretty well" but the markets for luxury homes had tailed off somewhat.

"Certainly some reduction in higher end property values has occurred in what is a relatively tight market at that level, but overall Auckland has matched the national median surprisingly well," Mr Morley said.

The number of sales in Auckland declined 7 per cent, from 2888 in August to 2682 last month. Sales volumes fell nationally 4.1 per cent, from 8191 to 7854. More cheap properties are selling - most sales were in the under-$400,000 price bracket, the institute found.

Mr Morley said rising interest rates were having an effect on the housing market by dampening demand.

Housing snapshot:

Northland's median unchanged at $195,000

Auckland, up from $336,500 to $337,000

Waikato/Bay of Plenty/Gisborne up from $210,000 to $212,500

Taranaki down from $161,050 to $158,500

Manawatu/Wanganui up from $140,000 to $146,000

Hawke's Bay down from $211,500 to $196,100

Wellington up from $265,000 to $270,000

Nelson/Marlborough down from $270,000 to $250,000

Canterbury/Westland up from $218,750 to $223,250

Otago up from $183,000 to $186,550

Southland up from $126,750 to $132,000