The REINZ has released its house price data for November, which revealed a 0.2% seasonally adjusted monthly rise in the national median house price, with prices up 4.0% year-on-year:
Outside Auckland, seasonally adjusted house prices rose by 0.8% in November, with prices up 8.8% year-on-year.
Looking at the major cities, Auckland’s seasonally adjusted median house price rose by 1.1% and was up by 1.2% year-on-year. Christchurch’s (Canterbury) rose by 1.2% in November and was up 3.5% year-on-year. Whereas Wellington’s median house price was up 2.0% in November but was up 9.1% year-on-year:
Sales volumes remain weak, down 9.2% year-on-year across New Zealand:
With Auckland sales volumes particularly weak:
Finally, the decline in sales volumes by price point has been widespread:
Interest.co.nz provides context on the collapse in sales, which have fallen to 2010 lows in Auckland:
The number of homes sold throughout the country slumped to its lowest level for the month of November since 2011 last month, according to the latest figures from the Real Estate Institute of New Zealand.
The REINZ recorded 6893 residential property sales last month, down 9.2% compared to the 7593 properties sold in November last year.
In Auckland 1910 homes were sold in November, down 16.7% compared to November last year and the lowest number of homes sold in the region in the month of November since 2010…
Shrinkflation has well and truly hit New Zealand.
