Auckland house prices drop over 5pc – report

Auckland’s largest real estate agency group, Barfoot and Thompson, has reported that its average sale price fell 5.3 per cent to NZ$497,479 in July from NZ$525,316 in June as sellers start to to adjust their price expectations.

Barfoot and Thompson is the agent for about 40 per cent of house sales in Auckland, New Zealand’s largest real estate market. Its monthly figures are closely watched because they are the first to emerge from the market, ahead of the Real Estate Institute and Quoteable Value.

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