How is Auckland really faring in the housing market downturn?

With prices much lower than the market top and decreases in the majority of suburbs, Auckland's housing market collapse is already well established.

According to the most recent data from the Real Estate Institute, the region's median price has decreased by 13.5 percent from its top of $1.3 million in November 2021.

Its median price was $1.12 million in May as a result, making it the only area where prices have decreased on an annual basis.

They have decreased by 2.2% from $1.15 million at same time last year.

But given the size and diversity of Auckland, further analysis of the data reveals that some areas are more severely affected than others.

According to the institute's data, Auckland City has been the most severely affected. Prices dropped from $1.35 million in May to a median of $1.18 million, a decrease of 12.9% annually.

The North Shore and Papakura are next, where prices have decreased annually by 1.9 percent and 4.0 percent, respectively, to median values of $1.3m and $864,000.

While Franklin was the only district to experience price drops between April and May, the other districts did not experience annual price declines.