Our take on the latest Real estate statistics (Thu 14 Nov 2019)
NZ house price growth rose to 3.9%pa
Auckland house prices poised for a recovery
Sales volumes down 4.0%pa in October
The key numbers...
- House price growth rose to 3.9%pa in October 2019, continuing to build momentum from a low of 1.4% in April 2019.
- The rate of decline in Auckland prices has slowed further, with prices falling just 0.7%pa in October.
- Outside of Auckland house prices continue to heat up, rising 8.2%pa in October. Notable increases were in Southland (up 21%) and Manawatū-Whanganui (up 19%pa).
- The number of sales wavered in October, down 4%pa, after a strong start to spring in September.
- Some regions, like Southland, Northland, and Wellington, continue to see a sustained decline in sales, with sales volumes dropping 8.0%pa, 6.0%, and 2.6% over the 12 months to October 2019.
REINZ House Price Index
Annual % changes
...and our reaction
- The housing market is undergoing a re-balancing act as many regions where the median house price is below the national average have seen both sales and prices ticking up. This trend is most prominent for Southland, Gisborne, and Manawatū-Whanganui.
- Auckland house prices, which are by far the highest for any region, are still in decline and showing signs they will continue easing for longer than previously expected.
- The Reserve Bank surprised markets yesterday by not lowering the OCR, but this is unlikely to have a material impact on future borrowing decisions given how low interest rates currently are.
- More important will be whether the Reserve Bank cuts loan-to-value ratio (LVR) restrictions again at the end of November, and what decisions are made around bank capital holding requirements, which have more potential to create resurgence in the housing market.
Latest updates
Premium
Real estate statistics
Conflict continues to drag on housing market in June
Wed 15 Jul 2026
Monthly
8.8% House sales between Feb and Jun 2026 (seas adj)0.8% House prices since February (seas adj)
4.8% Stock of homes for sale since February (seas adj)Premium
Real estate statistics
House buyers dry up ahead of interest rate rises
Mon 15 Jun 2026
Monthly
13%pa House sales in May 20260.6%pa House prices from May 2025
Stock of homes for sale at an 11-year highReal estate statistics
House prices and sales fall
Thu 14 May 2026
Monthly
7.9%pa House sales in Apr 20260.5% House prices from Mar 2026 (sa)1.2% Stock of homes for sale since Feb 2026 (sa)Real estate statistics
Housing market in a holding pattern
Thu 16 Apr 2026
Monthly
+0.2% House prices from Mar 2025-0.1% House sales from Mar 2025+0.2% Stock of homes for sale from Feb 2026 (sa)