Auckland's flat house sale market will not recover until towards the end of this year, with vendors reluctant to list places due to flat conditions and no improvement picked until spring, the Real Estate Institute says.
Bindi Norwell, chief executive, expects few changes for many months until the weather warms up.
"Auckland's property market is always changing but it is likely that there won't be any major changes to the current patterns until spring. Vendors are reticent to list unless they have a genuine need to sell as buyers are slow to make decisions," she said.
REINZ has just released its monthly national sales data showing Auckland median prices dropped 0.6 per cent last month to $850,000, down from $855,000 in April last year.
The national median house price rose 1.9 per cent in April to $550,000, up from $540,000 in April last year.