ANZ analysts points out that for the New Zealand economy, nationwide, house prices were up 1.5% MoM in November (4.2% YoY 3mma).
Key Quotes
“Nationwide, house prices were up 1.5% m/m in November, continuing a string of strong monthly prints. Annual house price inflation rose to 4.2% from 3.3%.”
“Auckland price inflation outperformed the broader market in November for a change, and annual house price inflation lifted out of negative territory. Auckland house prices were up a solid 2.5% in the month, to be up 0.4% over the past year.”
“While prices were solid again in November, monthly house sales were soft. We estimate seasonally adjusted house sales fell 6% m/m in November, and annual sales growth was broadly stable at 1.3% y/y (3mma). Sales dipped in Auckland, down 2% m/m, but fell more elsewhere, down 5% m/m.”
“Lower mortgage rates are reigniting the housing market. House price inflation has surged in recent months and the housing market is tight, but house sales activity remains modest.”
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