Our take on the latest Real estate statistics (Thu 16 Jan 2020)
NZ house prices rose 6.6%pa in November
House sales climb 12%pa
Auckland house prices grew by 4.0%pa
The key numbers...
- The housing market was hot all round in December with New Zealand house prices growing 6.6%pa. Meanwhile, sales growth rebounded to 12%pa, the fastest rate since October 2018.
- Every region saw house price growth in December, with the strongest in Southland (up 20%pa) and the weakest in Canterbury (up 2.9%pa).
- After a stagnant year for Auckland, its housing market ended 2019 on a high. Sales boomed 32%pa, and house prices grew 4.0%pa in December.
REINZ House Price Index
Annual % changes
...and our reaction
- Declines in Auckland’s house prices throughout most of 2019 appear to have attracted more buyers into the market hoping to secure a property at the bottom of the dip.
- A lot of structural and regulatory changes to financial institutions have been finalised in 2019, giving prospective house buyers more certainty and confidence to buy.
- Persistent and unexpected strength in net migration over the last year is contributing to the housing market’s recovery, aided by declines in mortgage rates throughout 2019.
Latest updates
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