Green shoots appearing in housing market

The latest REINZ House Price Index shows more activity last month with prices stabilising, sales counts rising and properties selling in fewer days.

Sales were 5.1% higher in September compared to this time last year from 5,174 to 5,439, year-on-year, and up 5.6% for New Zealand, excluding Auckland, increasing from 3,474 to 3,669 year-on-year.

Marlborough had the highest increase in sales, up by 66.7% year-on-year. Other regions with increases were Northland (1.8%), Auckland (4.1%), Bay of Plenty (2.8%), Hawke’s Bay (3%), Manawatu/Whanganui (22.6%) Taranaki (16.2%), Tasman (16.4%), Canterbury (13.9%) and Southland (10.7%).”

Nationally there was a 2.3% increase in the median sale price rising to $785,000 from $767,500 month-on-month but declining year-on-year by 3.1%. Median sale prices have increased in all but three regions month-on-month, with the West Coast (+16.4%), Marlborough (+13.8%) and Otago (+9.3%) leading the way.”