Our take on the latest Real estate statistics (Tue 18 Feb 2020)
NZ house prices grew by 7.0%pa in January
Excluding Auckland, house prices rose 9.1%pa
House sales increased 3.2%pa
The key numbers...
- The year kicked off with strong house price growth in January, with house price growth outside Auckland particularly strong, at 9.1%pa.
- Regions with the strongest growth were Manawatū-Whanganui (up 20%) and Southland (up 18%pa).
- After declining throughout much of 2019, the number of sales has picked up in recent months, particularly in Auckland, which recorded 9.7%pa growth in January.
- Property took an average of 42 days to sell in January, down six days from a year ago, as more people rush to secure a property.
Average number of days to sell
Real estate Institute
...and our reaction
- Regions with smaller urban populations have been experiencing greater house price inflation, as prospective buyers have looked outside the relatively overpriced urban centres.
- Nevertheless, low mortgage rates, continued population growth, and renewed investor demand are combining to drive up sales activity and price growth across the country.
- Stronger price growth throughout the next year means that housing affordability will continue to be a big talking point during 2020.
- The housing market’s strength poses upside risks to our residential building forecasts, raising the chance that the peak in activity is higher and later than we currently expect.
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