Our take on the latest Real estate statistics (Wed 15 Apr 2020)
NZ house prices rose 9.3%pa
Auckland house prices rose 8.2%pa
House sales fell 4.8%pa
The key numbers...
- The housing market in New Zealand saw one last positive month before the negative impacts of COVID-19 will begin to be felt.
- House prices were up by 9.3%pa across the country in March. All regions were up, with Auckland recording its fastest growth in three years (8.2%pa).
- Prices were in part pushed up by a lack of supply as COVID-19 made sellers less likely to put their house on the market.
- Numbers from realestate.co.nz show listing numbers fell sharply across the country, down 17%.
- In response to the low listings numbers and the Level 4 lockdown in the final week of March, houses sales contracted in all regions except Auckland and Northland (up 11% and 4.8%pa respectively). Excluding Auckland, sales volumes across New Zealand fell 12%pa.
Number of houses sold
Real Estate Institute
...and our reaction
- Real estate activity in April will be minimal due to the restrictions put in place to stop the spread of COVID-19.
- As the COVID-19 pandemic has developed, the expected negative economic impacts have grown. The New Zealand economy is expected to drop into a sharp economic recession with a big rise in unemployment.
- We expect house sales to drop over the coming year, with limited buyers in the market due to the economic fallout from the COVID-19 pandemic.
- House prices will also fall significantly between now and the end of 2021, although declines in the near-term are likely to be kept in check by the government’s mortgage holiday scheme that will limit the number of forced sales taking place.
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