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NZ: Quiet month for the housing market - Westpac

It was another quiet month for the New Zealand housing market, with prices flat and sales still slow, according to Dominick Stephens, Research Analyst at Westpac.

Key Quotes

“It was another quiet month for the housing market. House sales rose 1%, not fully recovering from the 4.3% drop last month. Realestate.co.nz data showed that new listings rose sharply in October, suggesting that the market is recovering from the pre-election lull, but the process is not yet complete. Beneath the election-related volatility, however, the housing market remains slow.”

“House prices rose 0.1% in October. In a recent commentary, we noted that house prices in Auckland had been recovering since August, after a period of falling prices. Today's data continued that trend, with Auckland prices rising another 0.4% (seasonally adjusted). For most other regions, it is harder to discern the trend. In many regions, seasonally adjusted prices rose in September but fell in October. However, we can say that house price inflation is slower than it was a year ago in all regions except Southland. In Canterbury, house prices continued their long-established decline.”

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