NZ: House prices up 1.5% in November – ANZ
ANZ analysts points out that for the New Zealand economy, nationwide, house prices were up 1.5% MoM in November (4.2% YoY 3mma).
Key Quotes
“Nationwide, house prices were up 1.5% m/m in November, continuing a string of strong monthly prints. Annual house price inflation rose to 4.2% from 3.3%.”
“Auckland price inflation outperformed the broader market in November for a change, and annual house price inflation lifted out of negative territory. Auckland house prices were up a solid 2.5% in the month, to be up 0.4% over the past year.”
“While prices were solid again in November, monthly house sales were soft. We estimate seasonally adjusted house sales fell 6% m/m in November, and annual sales growth was broadly stable at 1.3% y/y (3mma). Sales dipped in Auckland, down 2% m/m, but fell more elsewhere, down 5% m/m.”
“Lower mortgage rates are reigniting the housing market. House price inflation has surged in recent months and the housing market is tight, but house sales activity remains modest.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
