Our take on the latest Real estate statistics (Thu 12 Mar 2020)
NZ house prices rose 8.7%pa
House sales grew 9.2%pa
Auckland house sales jumped 42%pa
The key numbers...
- New Zealand house price growth has recovered significantly, accelerating to 8.7%pa in February from the recent low point of 1.4%pa growth in April 2019.
- This acceleration in house price growth was driven by Auckland, where house prices are now growing at 6.9%pa after a negative patch in 2019.
- Regions with the fastest house price growth were Southland (23%), Manawatū-Whanganui (22%), Gisborne (15%), and Hawke’s Bay (15%pa).
- Sales also picked up across the country, with 6,694 houses sold in February nationwide, driven mainly by the 42%pa rise in houses sold in Auckland.
- Days to sell dropped significantly, from 34 days in January to 30 days in February (seasonally adjusted), indicating there is strong interest in available houses.
REINZ House Price Index
Annual % changes
...and our reaction
- After declining for much of 2019, Auckland’s house prices are nearly growing at the same pace as prices across the rest of New Zealand.
- With renewed sales activity in Auckland, things don’t appear to be slowing down anytime soon.
- COVID-19 shouldn’t change the fundamental demand for housing unless domestic cases were to get out of hand, but there is a rising chance of a hiatus in the housing market as uncertainty and softer consumer activity drives housing activity lower.
- We expect the official cash rate to be lowered later this month, which would reduce borrowing costs from their already low position.
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