House prices and sales in Auckland fell in June, after rising slightly in May. Rents, however, are on the rise.
The latest figures from the real-estate company Barfoot & Thompson show that sales fell by 16% to 665 properties between May and June and that the average house price dropped 3.6% to $523,058.
There were 1194 new listings in June, down 12.8% on May.
Barfoot & Thompson's chief executive, Wendy Alexander, says the usual winter slowdown has been exaggerated by ongoing uncertainty about the impact of the Budget on the property market.
She also says the survey, which is considered a bellwether of the property market, found that rents are going up, as landlords anticipate higher costs.
The average weekly rent increased by $5 to $403 - an eight-month high - between May and June. Last June, the average rent was $15 lower.
Goldman Sachs JBWere economist Philip Borkin says he sees little movement in the market in the foreseeable future.