Our take on the latest Real estate statistics (Mon 13 Dec 2021)
Prices across the country up 1.8% from October (seas adj)
Sales continue to soften
Price growth in Auckland still incredibly strong
The key numbers...
- House prices continue to grow in November, with prices up 1.8% nationally, and up 2.9% in Auckland in October (seasonally adjusted).
- Growth remains strong throughout the country, with annual price growth still above 20% in all regions and prices sitting up 27% nationally compared to a year ago.
- Prices in Canterbury are picking up, with annual growth up to 38%pa. Canterbury is one of the few regions where annual growth is accelerating.
- There were 8,381 house sales in November, which was down 18% from a year ago but remains 9.9% higher than November 2019.
REINZ house price growth
3 Month APC
...and our reaction
- Although sales volumes look weak, this result is largely due to incredibly strong sales in November last year, meaning the comparison is with a high baseline.
- When compared to two years earlier, sales activity is still elevated, but we have been seeing a slowing trend in recent months. Seasonally adjusted volumes over the last two months imply an annual total of about 86,000 sales, which would be about 14% down from the peak in activity in the year to June 2021.
- Price growth remains strong nationwide, but further growth will become harder as prices are now sitting at such elevated levels. Rising interest rates and loan-to-value ratio restrictions are start to negatively affect demand, and realestate.co.nz’s data showed a 14% jump in the stock of available listings in November to a 13-month high.
- Residential construction was strong in the September quarter and will continue over the coming year thanks to record consents, helping to increase the supply of housing across the country.
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