Real Estate Institute of New Zealand (REINZ) August data for sales and prices
- Number of properties sold across the country fell by 20% during August y/y
- Residential property prices across New Zealand increased by 8.2% year-on-year
- Nationally, excluding Auckland, median prices increased 10.9% year-on-year
- Auckland median prices decreased by 1.2% year-on-year
Comments from REINZ on the data ... ordinarily I wouldn't bother too much with this data point and comments from the institute but in the context of the election (September 23) where house prices are an issue (aren;t they always?) ... bolding mine
- Not a single region in the country experienced an increase in the number of properties sold during August 2017 (compared to the same time last year) - a phenomenon that has only happened three times in the last seven years, according to the latest data from the Real Institute of New Zealand (REINZ)
- Bindi Norwell, Chief Executive, at REINZ says: "Again, we've seen the number of properties sold across the country drop significantly. The drop in volume this month meant that, on average, 47 fewer properties were sold each day in August 2017 in comparison to August 2016 - that's a big drop. Banks' lending criteria and LVRs are still impacting first home buyers and investors."
