Our take on the latest Real estate statistics (Tue 14 May 2019)
NZ house price growth slowed to 1.3%pa in April
Seasonally adjusted house sales at their lowest level in five years
Auckland house prices down by 4.4%pa in April
The key numbers...
- The close timing of Easter and Anzac Day is likely to have reduced house sales numbers in April, and some rebound in activity is possible in May.
- Nevertheless, house price falls, particularly in Auckland, demonstrate that underlying demand conditions in the housing market remain weak.
- With the government announcing on April 17 that it would not pursue a capital gains tax, buyer demand for housing has the potential to improve in coming months.
- Sizable drops in fixed mortgage rates since the end of March could also stimulate demand for property, although housing is still highly unaffordable by historical standards.
House Prices
Annual percentage change
...and our reaction
- House price inflation has eased from 2.3%pa in March to 1.3%pa in April.
- House prices outside Auckland were up by 6.7%pa in April, the slowest rate of growth in nine months. Meanwhile, Auckland house prices are 4.4% lower than in April last year and are falling at their fastest rate in a decade.
- House sales fell across the country by 12%pa in April. This poor performance was particularly pronounced in Auckland, where seasonally adjusted house sales were at their lowest level since October 2010.
- Monthly sales volumes in Bay of Plenty and Wellington were also at their lowest since 2014 (seasonally adjusted).
Latest updates
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