Our take on the latest Real estate statistics (Tue 13 Aug 2019)
NZ house price growth at 1.5%pa
House sales up 3.7% from July 2018
Auckland house prices down 3.3%pa
The key numbers...
- House price inflation across the country eased slightly to 1.5%pa in July, down from 1.8%pa in June.
- Auckland house prices fell for the tenth month in a row and are now 2.1% lower on average than a year ago.
- House prices outside Auckland grew at a slower pace than seen previously, up 5.9%pa, with every region showing positive house price inflation.
- Sales volumes were up 3.7% from July last year, with sales showing a recovering trend in recent months.
- The number of sales grew in the two largest housing markets, with sales in Auckland and Canterbury increasing 6.6%pa and 15%pa respectively.
House prices
Annual percentage change
...and our reaction
- Low mortgage rates, looser Loan-to-value ratio restrictions, and the end of a capital gains tax threat has encouraged some buyers back into the market.
- We expect sales to rebound in the second half of 2019 as conditions for home buyers remain positive, with continued low retail interest rates supporting activity.
- Continued falls in Auckland’s house prices illustrates how overvalued property still is in the Supercity, with buyers unable to afford current prices.
- Regions with the strongest house price inflation remain outside the major centres due to better affordability.
Latest updates
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