Subdued market recovery over past five months

Although some real estate agents say they have seen a noticeable uptick in the number of people wanting to buy, CoreLogic says the total is still relatively low by normal standards.

In its latest Housing Chart Pack, CoreLogic says sales have increased for five months in a row and measured across agent-led and private transactions, September’s figure was up by about 8% from a year ago.

“It does now appear we’ve entered the next phase of the housing cycle,” Kelvin Davidson, CoreLogic’s senior property economist says.

CoreLogic’s House Price Index suggests average property values bottomed out at a national level in September, after about 18 months of falls. “But that flat national figure reflects continued falls in some areas offset by modest growth in values elsewhere, such as in Auckland and Wellington,” Davidson says.