NZ: Housing market remains steady - Westpac

Dominick Stephens, Chief Economist at Westpac, explains that the latest housing market data from the REINZ and others suggests that the Auckland market has perked up slightly, but on average across New Zealand the market remains steady, characterised by slowly rising prices.

Key Quotes

“The REINZ and news outlets are emphasising an apparent paucity of sales last month. We are not so sure about that. The REINZ data systematically understates the number of sales in the latest month. This is because not all sales are immediately reported to the REINZ. Late-reported sales are added to the historical record after the data is initially released.”

“After adjusting for this bias in the data and seasonally adjusting, we estimate that house sales dropped 1.3% compared to August 2018, and are 1.8% lower than a year ago. Nothing to get excited about, really.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.