NZ: House sales fell 9.4% m/m in September - ANZ
Liz Kendall, Senior Economist at ANZ, estimates that seasonally adjusted New Zealand’s nationwide house sales fell 9.4% m/m in September, with a 6% fall in Auckland and a 10% fall in the rest of the country, with falls across all regions.
Key Quotes
“Sales can be volatile on a monthly basis, but this comes on the back of softening in recent months. Nationwide house sales are down 16% since February.”
“According to earlier realestate.co.nz data, listings have also increased and were up 13% m/m in September. It’s possible that investors are moving out of the market in light of policy changes.”
“The REINZ house price index increased 0.5% m/m in September to round out Q3 with a 0.7% q/q gain (3-month average). Annual house price inflation was steady at 4.3% y/y (3mma).”
“House prices increased 0.5% m/m in Auckland, following recent declines, with annual house price inflation running at 0.8% y/y (3mma).”
“The housing market is being buffeted by a number of forces and we may see more volatility than usual in coming months. In particular, the imposition of the foreign buyer ban has the potential to create some bumps.”
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.
