Our take on the latest Real estate statistics (Thu 12 Nov 2020)
House prices in all regions at record high
Number of sales up 25%pa
Housing market set to be hot all through summer
The key numbers...
- House prices jumped up again in October, rising 14%pa and running at the fastest pace since the end of 2016.
- The housing market is hot all over the country, with prices in all regions now sitting at their highest level on record.
- The fastest growth occurred in Gisborne-Hawke’s Bay, Wellington, and Auckland, with these regions up 17%, 17%, and 15%pa respectively.
- The heat in the market is attracting more real estate activity, with sales in the three months to October up a massive 32%pa.
REINZ House Price Index
Annual % changes
...and our reaction
- The continued and rapid growth of house prices are causing rising concern about the affordability of the market, particularly as the economy grapples with its steepest contraction of economic activity on record.
- House prices are likely to climb even higher over summer, after the Reserve Bank announced a Funding for Lending Programme (FLP) will be launched in December, which will help lower bank’s costs and push retail interest rates even lower.
- A hotter summer market will be bolstered by the Reserve Bank consulting on reintroducing LVR restrictions in March, with investors set to pile in while they still can, resulting in a hot and busy summer in the world of real estate.
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