ANZ analysts estimate that New Zealand’s seasonally adjusted house sales fell 0.8% m/m in June, following a 1% fall in May.

Key Quotes

“Annual sales growth ticked up to -6.1% y/y, which suggests some stabilisation in house sales at a low level.”

“Nationwide, house prices were up a soft 0.1% m/m in June, but have fallen 0.7% q/q. Annual house price inflation dipped to 1.6% from 1.8%. The theme of regional divergence continues, with Auckland house prices underperforming the broader market in June. Auckland was down 0.2% m/m and is down 3.7% over the past year.”

“Recent prints suggest that the substantial falls in fixed mortgage rates over the past year and the ruling out of the capital gains tax are not providing a noticeable boost to the market. We expect the market to remain subdued overall, with house price growth around 3% over the next few years.”

 

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