Bad start to spring sales

While REINZ data show the median property price increased slightly nationally, sales are down and properties are staying on the market longer with median days to sell high and inventory levels elevated.

Sales were down 10.9% compared to the same month last year - the lowest number of sales in September for 12 years. Just 4,943 properties were sold.

However, annual sales comparisons in September are distorted by last year’s delta lockdown. Delta temporarily held back activity, largely in the Auckland region.

Data on house prices and median number of days to sell were more telling of the mood of the market, says Jeremy Couchman, Kiwibank senior economist.