Our take on the latest Real estate statistics (Fri 11 Dec 2020)
NZ house price index up 15%pa
November house sales up 30%pa
New listings up 15%pa
The key numbers...
- House prices across New Zealand continue to gather momentum, growing 2.4% from October (seasonally adjusted), to sit 15%pa higher than a year ago in November.
- Widespread house price growth ranged from 22%pa growth in Gisborne and Hawke’s Bay to 7.7%pa growth in Otago.
- There were 9,885 sales across New Zealand in November, up 30%pa, with Auckland and Canterbury leading the charge with 54% and 32%pa increases in sales volumes respectively.
- According to data from realestate.co.nz, new listings rose 15%pa in November even as the total stock of property available for sale was down 17%pa.
- Houses are selling faster, taking 29 days on average to sell in both October and November, a relatively quick turnaround from the 39-day average in 2019.
REINZ House Price Index
Annual % changes
...and our reaction
- Record high house prices look to be luring more sellers into the market, but this increase in seller activity isn’t enough to keep up with the unrelenting demand created by low interest rates.
- There is a sustained pile-on in the housing market as the fear of missing out (FOMO) draws buyers in.
- Sales are outstripping new listings, meaning that more buyers are competing for less stock, forcing house prices higher still. This competition in the market is supported by the low number of days to sell, as buyers are keen to secure a house quickly before someone else does.
- Prices are at record highs for each region, but sales are still well below their record levels seen in 2003, when monthly sales pushed above 11,000. This lower level of sales at present highlights that although there is excessive demand in the market right now pushing prices higher, the supply issues remain as relevant as ever.
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