Our take on the latest Real estate statistics (Fri 14 Jun 2019)
NZ house price growth at 1.8%pa growth in May
Seasonally adjusted house sales remain low but steady
Auckland house prices down by 3.3%pa in May
The key numbers...
- The dichotomy between the housing market in Auckland and the rest of the country continues. Auckland’s housing market indicators are still in decline, while the rest of New Zealand is holding relatively steady.
- Ongoing weakness in Auckland’s house sales suggests that downward pressure on house prices will continue, despite this month’s price data being less negative than last month.
- Lower mortgage rates and the abandonment of the capital gains tax haven’t shown any pronounced effects on the housing market yet. In our view, demand for housing remains constrained by the relative unaffordability of housing at the moment.
House prices
Annual percentage change
...and our reaction
- House price inflation has recovered slightly from 1.4%pa in April to 1.8%pa in May.
- House prices outside Auckland grew 6.5%pa, with every region showing positive house price inflation. Meanwhile, house prices in Auckland fell 3.3%pa.
- Seasonally adjusted sales volumes in Auckland fell for the sixth month in a row, leaving sales at a nine-year low.
- House sales outside Auckland fell 1.4%pa, which was a smaller decline than the 6.2%pa drop recorded in April.
Latest updates
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7.9%pa House sales in Apr 20260.5% House prices from Mar 2026 (sa)
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