Our take on the latest Real estate statistics (Fri 12 Jul 2019)
NZ house price growth at 1.7%pa growth
Seasonally adjusted house sales edge up
Auckland house prices down by 3.5%pa
The key numbers...
- While price trends remain the same, the slight recovery in the number of house sales, particularly in Auckland and Canterbury, could reflect peoples’ willingness to re-enter New Zealand’s largest housing markets.
- Nine months of falling house prices in Auckland and the abandonment of the capital gains tax could be enticing some new buyers in the big smoke.
- However, in our view, this month’s slight recovery in the number of sales in Auckland reflects the lack of activity in recent months more than anything else.
House prices
Annual percentage change
...and our reaction
- House price inflation remained unchanged at 1.7%pa in June.
- House prices outside Auckland grew 6.5%pa, with every region showing positive house price inflation. Meanwhile, house prices in Auckland fell 3.5%pa.
- Other regions with notable house price inflation were Southland and Manawatū-Whanganui, up 20%pa and 18%pa respectively.
- Seasonally adjusted sales volumes in Auckland are up 12.3% from May, with a 5.5% lift recorded in Canterbury.
- House sales outside Auckland and Canterbury dropped 5.4%pa, with sales in Hawkes Bay and Taranaki slumping the most, down 27%pa and 25%pa respectively.
- Buyers have the luxury of taking their time when considering purchasing property – the median number of days to sell has reached an eight-year high in seasonally adjusted terms.
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