The housing market has returned to seasonal form almost everywhere except Auckland.
The Real Estate Institute’s Home Price Index, which measures changes in property values, rose 30.4% to a new year-over-year high in September at 4,088 – the 14th consecutive increase.
The seasonally adjusted median home price rose 15.2% to $ 795,000 last year, but fell 7.4% in August, led by the Auckland market, which fell. 3.5% to $ 1.15 million.
“What the data is showing is that confidence remains high, buyer demand is still strong, and outside of Auckland, buyers will be excited to see more properties come onto the market,” said Jen Baird , Managing Director of REINZ.
“Although spring activity may be delayed in parts of the country, we expect that as alert level restrictions ease, more properties will come to market.”
The number of properties sold last month fell to its lowest level in a decade, with activity curtailed by restrictive lockdowns, with the national total falling significantly by Auckland, where volumes fell 48.5%.
“Various levels of foreclosure across New Zealand have influenced activity in the real estate market this month, giving mixed results.
“We expect activity to increase as restrictions ease further, especially in Auckland,” she said, noting that the days to sell a home increased from five to 37 in September. .
Homes available for sale also saw a significant decline, dropping 23.7% year-on-year.
“While inventory levels were down year over year, we saw an increase from August 2021, which is great news for buyers,” Baird said.
“During the period, interest in the market has remained high, and we expect this to be reflected in the post-foreclosure data as more properties are listed, which will lead to increased sales.”