Our take on the latest Real estate statistics (Fri 14 Aug 2020)
House sales rose 25%pa in July
Auckland house sales up 30%pa in July
House prices up 2.0% (sa) from June
The key numbers...
- Sales volumes grew for every region except Gisborne this month, with national sales up 25%pa in July.
- Sales still haven’t fully recovered their ground, with total sales down 22%pa over the April to July period.
- House prices have also crept higher again, with the house price index growing 2.0% (seasonally adjusted) from June. Compared to last year, house prices in July were 9.4%pa higher than a year ago.
- Strong housing market interest has made it quicker to sell a house, with the average number of days to sell down to 34 in July, a 17% decline on last year, and lower than the 37 days on average over the past 10 years.
Number of houses sold
Real Estate Institute
...and our reaction
- The resurgence in house sales was strong and widespread in July, which was not entirely surprising considering how few sales happened in April and May. All types of mortgage rates are at historic lows, making now a good time to buy if you have the money for a deposit and are not short-term speculating.
- Some sellers may also be weary that the possibility of lower house prices is real and it’s better to sell now before the mortgage holiday wears off and available houses rise, keeping investor activity more muted than otherwise.
- The rise in house prices shows that demand continues to outstrip supply, with housing demand boosted by low interest rates. The Reserve Bank’s increase in Large Scale Asset Purchases from $60b to $100b out to June 2022 will keep rates lower for longer.
- Various methods of government support are delaying any noticeable fall in house prices, and an extension of the mortgage holiday payment, now being considered by the Reserve Bank, will support current price trends.
Latest updates
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