The market is softer, but I believe the next move is up
I’m Diego Traglia, Lead Agent at Team Diego, Managing Director of NZREC and a business owner at Harcourts Northwest Realty. Our team sells approximately one property every two days across Auckland, giving us a strong real-time view of buyer behaviour, seller sentiment and what is actually happening on the ground.
Auckland prices continued to soften in August, but the mood on the ground is more buoyant than the headlines suggest.
My view is that we are approaching the bottom of this cycle. Like the season, I expect the Auckland property market to start warming up over the coming months and move into a stronger 2027.
What’s Happening Right Now
15,600 properties were listed across Auckland, with 1,188 selling, just 7.6%.
765 properties were listed for auction, with 259 selling under the hammer, a 33.9% success rate.
Auction properties averaged 37 days on market, versus 59 days for non-auction sales.
Properties sold at an average of 9.1% below CV.
Campaigns are averaging approximately 17 buyer inspections over four weeks.
Auckland prices fell 0.5% in August, 1.4% over the quarter and 2.4% year-on-year. Much of that decline has occurred since March.
We expect listing supply to increase significantly as the normal spring rush combines with post-election selling activity.
What This Means
“The headlines are telling buyers to be nervous, but what we’re seeing on the ground is a much more buoyant market.”
“Buyers waiting for the perfect moment need to understand the other side of the equation. If interest rates and bank test rates rise, their borrowing capacity can fall even if house prices remain soft.”
“We’re seeing more buyer’s remorse than we have in recent times. There is so much negative commentary that some buyers purchase a good property and then immediately question whether they’ve made the right decision.”
“I actually think this is a very good market to operate in. Buyers have choice, sellers can still achieve strong results with the right strategy, and there is opportunity on both sides of the transaction.”
What to Watch Next
The big story over the next few months will be supply versus returning buyer confidence.
Spring traditionally brings more properties to market, but this year we also expect additional activity following the election.
My prediction is that buyer confidence will gradually strengthen as we move towards summer. Like the season, I believe the Auckland market is beginning to warm up, setting the foundations for a stronger 2027.
Media Availability
I’m available to journalists and newsrooms for comment on Auckland property prices, buyer and seller behaviour, auctions, open-home activity and what our team is seeing on the ground.
