Our take on the latest Real estate statistics (Tue 15 Feb 2022)
Sales fall 29%pa
NZ house prices down 0.9% from December (sa)
Prices in Auckland down 3.4% (sa) in last two months
The key numbers...
- House prices in New Zealand fell for the second month in a row, with prices in January sitting 0.9% lower than in December (seasonally adjusted).
- At 19.9%pa, annual house price growth is now below 20% for the first time in a year.
- Auckland continues to be a key driver of the slowdown in house price growth, with prices in Auckland down 1.6% from December (seasonally adjusted), following on from a 1.8% decline the previous month.
- Sales continue to be incredibly weak across the country, falling 9.0% from December (seasonally adjusted) to be 29% lower than a year prior. Activity in January was the lowest for any month, excluding lockdowns, since March 2019.
- Reduced buyer numbers have seen realestate.co.nz’s stock of houses for sale increase. The number of properties for sale rose 9.9% in January, and it has now increased 53% since August last year.
REINZ house price index
3 month APC
...and our reaction
- The housing market has continued its weakening trend, with seasonally adjusted prices falling for a second straight month.
- The weakness in prices has now spread out beyond just Auckland, with prices outside of Auckland falling for the first time since the initial lockdown at the beginning of the pandemic.
- New government requirements for lending have made it more difficult for prospective homeowners to get financing from banks, particularly with prices at such high levels.
- Reduced buyer competition means people with finance now have more properties to choose from, forcing sellers to accept lower prices than might have been the case in late 2021.
- Although the government has indicated a review of its changes to the Credit Contracts and Consumer Finance Act, we expect sales to remain weak. Further rises in interest rates will cement in the drop-off in annual house price growth over coming months.
Latest updates
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