Our take on the latest Real estate statistics (Wed 13 Mar 2019)
New Zealand house sales fell 9.3%pa in February
Auckland sales dropped 14%pa over the three months to February
Auckland prices down 2.1%pa for the three months February
The key numbers...
- A reluctance to purchase property has become apparent, with affordability deterring owner-occupiers, and government policy deterring investors.
- Investors are shying away from the market, with concerns about the profitability of investment arising from a potential capital gains tax, the ringfencing of rental losses, and tougher standards for rental property.
- Auckland prices remain unaffordable for many potential buyers, who simply cannot find the additional funds to finance a purchase, leading sellers to lower their prices to entice buyers. Elsewhere in New Zealand, prices continue to grow even as supply starts to catch up with demand.
House sales growth
3 month annual % changes
...and our reaction
- House sales across the country tumbled in February, down 6.8%pa over the three months to February 2019. Auckland sales fell 14.3%pa over the three months to February 2019, the largest drop in over a year.
- Excluding Auckland, sales fell 4.8%pa over the period, the first such decline in a year. Three-quarters of the 16 regions across New Zealand recorded falls. Of the larger market, Wellington sales fell 8.2%pa, Waikato fell 2.0%pa, and Canterbury fell 1.1%pa over the period.
- House prices are still following a two-track path. Auckland prices continue to fall, with three-month annual price growth of -2.1%pa, the fastest rate of decline since 2009.
- However, three-month annual price growth outside Auckland rose to 7.9%pa in February 2019, the fastest growth in 18 months.
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