New Zealand’s house prices are rising again

New Zealand’s house prices are rising again
29/12/2018 , by , in INTERNATIONAL

New Zealand’s house prices are rising again, despite the introduction of new lending restrictions in October last year and worsening affordability.

Median house prices rose by 3.93% (inflation-adjusted) during the year to Q3 2018, from almost stable prices in the previous year. However in a quarterly basis, house prices fell by 1.59% in Q3 2018.

The number of dwellings sold in New Zealand increased 15.5% y-o-y to 6,791 units in October 2018, in contrast with an annual decline of 18.1% in 2017, according to the Real Estate Institute of New Zealand (REINZ). In Auckland, dwelling sales soared 15.2% over the same period. ‘Days to sale’ rose by one day to 35 days y-o-y in October 2018.

The number of properties available for sale also rose by 5.6% y-o-y to 25,673 units in October 2018.

 

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