Housing market: October sales down 23.5% in a year as prices decline for fifth month
New Zealand's housing market experienced a significant downturn in October, with sales volumes dropping 23.5% annually and prices falling for the fifth consecutive month. Analysts attribute the decline to high petrol prices and political uncertainty surrounding the recent election.
Why it matters
The data highlights a cooling real estate sector and broader economic instability in New Zealand, signaling potential challenges for the incoming government.
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House sales fell 30% in Auckland in the latest year. Photo / 123rf
October was a “horror month” for the housing market , with prices declining for the fifth consecutive month and sales volumes down 30% in Auckland, according to Infometrics.
“October was a horror month for the housing market, and it seems that record high petrol prices and uncertainty ahead of a very close election have weighed heavily on buyer numbers,” wrote acting managing director and chief forecaster Gareth Kiernan.
He issued an analysis of the Real Estate Institute (REINZ) data out today which showed the national median at $760,000, down 1.9% annually.
REINZ data showed only 5840 properties were sold in October, 23.5% down from a year earlier.
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