Housing market turning

A property management firm has found Auckland's housing market is turning, with the volume of sales declining and prices dropping.

Crockers, an Epsom management firm, used Real Estate Institute figures since 2003 to track the gradual drop in monthly sales and median prices.

Its market research analysis showed the highest number of sales during the last two years was in May 2003 when 4005 houses sold. By June this year, volumes had dropped to 2796 sales, although the low was reached in the traditionally quiet January when just 2228 houses sold.

Prices fell from a $372,000 median in March this year to a $366,500 median in June.

Crockers also analysed rents to find some places in Wellington were more expensive than in Auckland. A two-bedroom unfurnished apartment would rent for up to 10 per cent more than its equivalent in Auckland. But a four-bedroom house in Wellington would rent at a 65 per cent discount to its Auckland equivalent.

"The largest variation is in the larger luxury housing category, where Auckland rentals clearly command a premium across the board for both three and four bedroom houses and apartments," Crockers said.