NZ house prices fall in September as volumes collapse to 6-year low

By Leith van Onselen

The REINZ has released its house price data for September, which revealed a 1.3% seasonally adjusted monthly fall in the national median house price, with prices up just 0.6% year-on-year:

Outside Auckland, seasonally adjusted house prices fell by 0.9% in September, with prices up 5.4% year-on-year.

Looking at the major cities, Auckland’s seasonally adjusted median house price rose by 0.3% but was down by 0.8% year-on-year. Christchurch’s (Canterbury) fell by 1.0% in September and was down 2.6% year-on-year. Whereas Wellington’s median house price was up 2.1% in September and was up 9.8% year-on-year:

Sales volumes remain weak, down heavily across all major markets in year-on-year terms:

Finally, the decline in sales volumes by price point has been widespread:

Commenting on the results, REINZ chief executive, Bindi Norwell, noted that it was the lowest September sales volumes for six year, due in part to the General Election:

The number of properties sold during September fell 26.2% year-on-year (from 7,352 to 5,428) the lowest number of properties sold in the month of September for 6 years. Nationally, excluding Auckland, volumes decreased by 23.7% year-on-year…

“The soggy start to spring combined with the ‘election effect’ has had a significant impact on the number of sales across the country – this is the lowest number of sales in eight months, and the lowest number of sales in the month of September for six years. However, it’s not all doom and gloom as there are pockets of the country experiencing increases month-on-month and median prices are increasing in the majority of regions across the country,” continues Norwell.

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  1. Take particular note of the outcome of the current coalition talks, following the recent general election.

    The political pressures to deal with the housing bubble nonsense are overwhelming.

  2. … Essential read …

    Has Bill English really not got a clue about what Communist China is up to? … Amy Brooke …

    If so, it’s a disgrace. The first duty of any government is to protect its citizens and to prioritise their interests. This certainly hasn’t been happening with regard to the gradual Communist Chinese infiltration of this country – very much assisted, apparently, by former Prime Minister John Key’s comfortable relationship with wealthy Chinese very willing to pour hundreds of thousands into the National Party’s coffers, and by no means reluctant to cooperate with Key’s push to remove the Union Jack from our flag. Pre-election, National’s fundraising campaign was strongly supported by deep-pocketed, wealthy Chinese interests. What is going on? … read more via hyperlinks below …

    Read on at or at

    • … How could PM English and Deputy PM Bennett have been so dumb ?

      … Perception is reality in politics …

      National Party auctions off ice axe signed by Sir Edmund Hillary to raise funds for campaign … Nicole Lawton … Fairfax New Zealand

      … extracts …

      … But perhaps the greater attraction was the opportunity to meet the Prime Minister and his deputy, Paula Bennett, to pose for photos with them, to schmooze.

      The Prime Minister put himself up for auction: one lucky (and wealthy) donor and 10 close friends won the a dinner date with the English, “at your favourite restaurant” after the election. (Cost of the dinner not included).

      A Chinese community leader said such appearances would hold enormous prestige within the culture.

      “The implied Chinese business culture is around guanxi, which means relationship. Whoever won that dinner would be highly regarded because they hold a special bond with New Zealand Prime Minister.”

      They said if the dinner went well, the successful bidder might enjoy increased business opportunities in the future because of it. … read more via hyperlink above …

      Crony Chronicles: I Want To Be A Crony – YouTube

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