Submit a low offer if buying a house in Auckland reports-

Barfoot and Thompson sold just 556 homes in February, the lowest number of sales it has made in any month since December 2010 and the lowest number of sales in the month of February for at least 16 years.

At the same time the number of new listings the company is signing up is soaring, which is also pushing up its inventory of unsold homes available for sale. Barfoot received 2295 new listings in February compared to 2060 in February last year and ,1771 in February 2015. It was the highest number of new listings the company has signed up in any month since May 2002.

So if you’re an Auckland buyer, check all of the houses that have been passed in at auction recently, call the agent and make a low offer. While expensive properties are still in demand, low and mid range houses are selling slower.

But whatever you do, keep in mind this could be the first sign that Auckland’s ponzi style housing market might be coming to an end. Delaying a purchase for a year or two could turn out to be the smartest option.