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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Comments

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      … 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.

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    LEARNING FROM THE IRISH 2007 HOUSING CRASH … THE SEVERE COSTS OF MULTIPLE STRETCH …

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