NZ house prices rise as volumes crash

By Leith van Onselen

The REINZ has released its house price data for February, which revealed a 0.8% seasonally adjusted rise in the national median house price, with prices up just 5.5% year-on-year:

Outside of Auckland, seasonally adjusted house prices rose by 1.3% in February, with prices up 8.8% year-on-year.

Looking at the major cities, Auckland’s seasonally adjusted median house price rose by 2.9% but was down 0.7% year-on-year. Christchurch’s (Canterbury) rose by 2.8% in February and was up 1.3% year-on-year. Whereas Wellington’s median house price rose 3.2% in February and was up 16.2% year-on-year:

The trend for Auckland house prices has flatlined over the past two-years:

Sales volumes have fallen heavily, down 9.6% year-on-year in seasonally adjusted terms across New Zealand, with Auckland sales down 18.2%:

Finally, here are the sales by price point:

As you can see, sales are lower across the highest and lowest price points, but have risen across the middle.

Mixed market.

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