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NZ: House sales down 9% in November – ANZ

Liz Kendall, senior economist at ANZ, estimates that New Zealand’s seasonally adjusted house sales were down 9% in November, following a 27% m/m increase in October and 11% m/m fall in September.

Key Quotes

“Price pressures have ticked up a little in recent months. The REINZ house price index increased 0.4% in November, to be up 1.3% over the past three months. But overall, price pressures remain contained and continue to moderate in annual terms. Annual house price inflation ticked down to 3.7% y/y (3mma) in November, down from 4.2% in September. We expect that underlying price pressures will continue to moderate gradually, though the current volatility in sales may cause some bumps.”

“Sales fell both in Auckland and elsewhere, down 12% and 7% respectively. Prices increased modestly in Auckland, up 0.3% m/m, but they are nonetheless 0.6% lower than a year ago and the market has some remaining slack, with days-to-sell below average and lengthening a little this month (from 38 to 39 days). Outside of Auckland, prices have risen 7.5% over the past year. Regionally, Hawke’s Bay, Manawatu‑Whanganui, Otago and Southland continue to outperform, with prices up more than 10% over the year.”

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