Times have changed for New Zealand’s housing market. Moderate growth and steady sales activity – with a touch of seasonal slowdown in the mix – are the name of the game. Across the board, the latest data shows the national propery market is in pretty solid, albeit unexciting, shape.
QV’s May data records that, once adjusted for inflation, nationwide values were up by 5.8% year-on-year, but just 0.8% over the past quarter. This left the national average value at $677,996.
In similar style, REINZ had May’s national median house price up by 4.5% year-on-year, and by 1.1% on April, once seasonally adjusted, to a new record of $562,000. But national sales activity in May, once seasonally adjusted, was up by just 1.8% year-on-year, and down by 1.8% on April.
It’s…