THIS MONTHLY REPORT CREATED BY THE CORELOGIC NZ RESEARCH TEAM COVERS THE MAIN ECONOMIC FACTORS THAT INFLUENCE THE HOUSING MARKET, AND THEN LOOKS AT SALES VOLUMES, VALUES, AND ACTIVE BUYER TYPES IN BOTH THE NATIONAL AND MAIN CENTRE HOUSING MARKETS.
Some highlights of the October - November 2016 report:
- Consumer confidence is rising as people feel more positive about the future of the broader economy, although their expectations for house price rises are less than they were last month.
- While the RBNZ may lower the OCR at their next announcement, it is likely that retail mortgage interest rates will not decrease further as the cost of offshore funding rises.
- Sales activity has slowed significantly from this time last year in Auckland, Hamilton and Tauranga, but has risen in the other main centres.
- Following the RBNZ’s July LVR announcement we have seen a steady decline in market activity in Auckland, and a weaker than expected spring elsewhere. However in the latest week activity picked up dramatically so we will watch with interest to see if the spring lift just came late.
- Likewise, new listings have been very weak since the RBNZ announcement, but have picked up in the last two weeks. Although still relatively weak in Auckland, outside of Auckland they are almost back to normal spring levels.
- There are the first hints that investor activity may have been curbed slightly in Auckland, but it is still too early to be certain. It is also too early to see if value increases have slowed in response to the new lending restrictions.
To download the full report click here.