The Real Estate Institute of New Zealand
\n(REINZ) statistics show that the 5893 homes
\nsold in July was up 2.3% on June this year but
\ndown 13% on July last year. The National
\nmedian price was $416,000 for the month,
\ndown $11,250, or 2.6% on June but up
\n$31,000 on July 2013.
\nChief Executive Officer, Helen O\u02bcSullivan said
\nthe market was \u201cfirmly in winter mode\u201d, with low
\nlistings and muted activity. \u201cSales volumes
\npicked up a little in July compared to last month
\nbut this is about in line with the normal seasonal
\npattern\u201d.
\nLoan-to-value ratio (LVR) restrictions were
\nhaving a big impact on Regional New Zealand
\nin particular, she said. \u201cThe reported lack of able
\nbuyers is filtering up the price points and onto
\nvendor behaviour. In this context it is worth
\nnoting that the Auckland and
\nCanterbury\/Westland accounted for more than
\n100% of the increase in the National median
\nprice between July this year and July last year,
\na further indication that the National price\u201d is
\nbeing driven by these two Regions alone\u201d.
\nConstruction in Auckland and Christchurch is
\ndesperately needed to ease demand and ease
\nrising prices. The market elsewhere can only be
\nhelped by a removal of the LVR restrictions,
\nallowing first-home buyers the freedom to step
\nonto the property ladder.
\nWestpac Chief Economist Dominick Stephens
\nsaid he expected a brief resurgence in the
\nmarket before a more pervasive downturn
\nhappened. He said house prices were on track
\nto rise about 5% this year, compared to 10%
\nWestpac Chief Economist Dominick Stephens
\nsaid he expected a brief resurgence in the
\nmarket before a more pervasive downturn
\nhappened. He said house prices were on track
\nto rise about 5% this year, compared to 10%
\nlast year.
\nMore price rises were likely because migration
\nwas expected to hit an all-time high of 50,000
\npeople in a year, he said. \u201cOur research
\nindicates that net migration usually plays only a
\nrelatively small role in determining house prices.
\nBut sheer weight of numbers means that even
\nthat small role will translate into a reasonable
\nboost to house prices over the year ahead\u201d.
\nBut he said that would not last. By the second
\nhalf of the decade, Stephens predicted a
\nrecovering Australian economy would attract
\nNew Zealander\u02bcs back across the ditch.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Real Estate Institute of New Zealand (REINZ) statistics show that the 5893 homes sold in July was up 2.3% on June this year but down 13% on July last year. The National median price was $416,000 for the month, down $11,250, or 2.6% on June but up $31,000 on July 2013. Chief Executive Officer, […]<\/p>\n","protected":false},"author":1116,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Housing Market in Winter Mode - colinrealestate","description":"The Real Estate Institute of New Zealand (REINZ) statistics show that the 5893 homes sold in July was up 2.3% on June this year but down 13% on July last year."},"footnotes":""},"categories":[5532],"tags":[],"class_list":["post-624","post","type-post","status-publish","format-standard","hentry","category-real-estate-2"],"_links":{"self":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/users\/1116"}],"replies":[{"embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=624"}],"version-history":[{"count":1,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/624\/revisions"}],"predecessor-version":[{"id":625,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/624\/revisions\/625"}],"wp:attachment":[{"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/colinrealestate.blogtown.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}