Tighter credit conditions, higher mortgage rates and increased housing supply continue to affect the New Zealand property market. Sales are slower to complete, property is staying on the market longer and upward pressure on prices is easing.
April shows a further slowdown in sales activity, more moderate price growth and, as properties stay on the market for longer, it appears favourable to buyers backed by equity.
March solidifies the changes in the market seen over the past months as pressure on property prices eases, inventory levels increase, demand softens and sales activity decelerates.
February shows property prices continuing to climb but now at a more moderate pace. While sales activity is down, demand remains and stock on the market is up.
While January figures usually reflect the holiday slow down, the data suggest compounding factors are influencing a decrease in sales activity and easing of price growth nationwide.
REINZ December sales data rounds off a strong year in the New Zealand property market, with prices and activity holding strong and steady. However, commentary from agents across the country suggests market headwinds are gathering strength.
