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NZ house prices rise 3.3 percent annually in October

NZ house prices rise 3.3 percent annually in October”

House prices continue to rise in most parts of the country, but not in Auckland - where the average price is down 3.2 percent on a year ago.

Real Estate Institute of New Zealand statistics for October show 84 houses were sold in the district last month, up from 77 in September but down from the 109 sold in October, 2016.

"Auckland City's median fell by 17 percent to $850,000, the lowest price it's been for 16 months".

That was the biggest annual decline in Auckland's median price since December 2010.

The number of days it took to sell a house, a gauge of underlying demand, increased by 2 days to 34 days compared to October past year.

"This data is evidence that the LVR restrictions have done their job of slowing the market, which is why REINZ has repeatedly called for LVRs to be reviewed for first time buyers".

The figures suggest the real estate market could be in for a hard summer, because as well as falling prices in several regions, the number of properties sold throughout the country in October was down 16% compared to October previous year.

The outlook is particularly grim for Auckland, because although sales in the region were down 21% in October compared to October last year, the number of homes available for sale in the region was up 4% compared to a year ago.

The housing market is still one of the major challenges analysts see for New Zealand's economy, especially in Auckland, the commercial capital, where chronic undersupply and high demand, fueled in part by high migration both from overseas and the country's regions, have pushed prices to record levels.

Ms Norwell says prices may remain unsettled due to a lack of clarity about how new Government's policies will affect the housing market.



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