Housing market stalls while the wait for a new government continues

by Jonathan Mitchell / 04 October, 2017

The sign's out, but is anyone buying? Photo  / Claire Eastham-Farrelly

The housing market is continuing to stall as people wait for political parties to form the next government.

Latest data from QV shows house price growth around the country slowing, with the national average climbing 4.3 percent in the year to September.

In Auckland, though values had grown 0.8 percent over the year, they dropped back in the last three months to an average of $1,039,066.

Values fell in a number of Auckland suburbs, including the North Shore and Waitakere, while rising in Rodney and the city centre.

QV national spokesperson David Nagel said the usual spring surge in listings had not happened yet.

"The reductions in quarterly value growth have extended from just the main centres last month to almost all the 15 major urban areas we track with the exception of Rotorua, Palmerston North, Dunedin and Invercargill," he said.

Year-on-year growth was showing double digit gains in many provincial towns, but the quarterly figures revealed a gradual slowing of the property market in almost all city locations, he said.

"Values are reflecting small decreases in all but a few isolated pockets of Auckland while Tauranga and Christchurch have also shown a small decline over the past quarter."

"While the property markets appear to have run out of puff in the main urban areas, there's still plenty of activity in the smaller provincial towns which were slower getting started."

Mr Nagel said the market was keeping a watch on who would form the next government.

"What will be most interesting will be whether a new government supports the relaxing of the Reserve Bank's LVR restrictions as well as what support policies get rolled out to help first-home buyers get on to the property escalator," he said.

The national average price has risen from August to September to $646,378.

This article was originally published by RNZ.

MostReadArticlesCollectionWidget - Most Read - Used in articles
AdvertModule - Advert - M-Rec / Halfpage

Latest

Answering the tough questions on resettling refugees in New Zealand
84636 2017-12-18 00:00:00Z Social issues

Answering the tough questions on resettling refuge…

by Rachel O’Connor

1,000 former refugees will enjoy their first Kiwi Christmas this year. Half will be kids, oblivious to the resettlement debate that rages around them.

Read more
Worn-out mumps vaccine can leave people at risk
85083 2017-12-18 00:00:00Z Health

Worn-out mumps vaccine can leave people at risk

by Ruth Nichol

Today the All Blacks, tomorrow the rest of us, as worn-out mumps jabs leave people vulnerable.

Read more
Pukeko pests - and what to do with them
84324 2017-12-18 00:00:00Z Life in NZ

Pukeko pests - and what to do with them

by Rebecca Hayter

Rebecca Hayter finds it takes a lot of smarts to outsmart a pukeko.

Read more
2017: A year of hard truths
84210 2017-12-17 00:00:00Z Currently

2017: A year of hard truths

by Graham Adams

Our national mantra of “She’ll be right” looks to have backfired. Graham Adams reflects on 2017.

Read more
Are salt-cured and pickled meats bad for your health?
84970 2017-12-17 00:00:00Z Health

Are salt-cured and pickled meats bad for your heal…

by Jennifer Bowden

Processed foods, such as ham, bacon and sausages, are bad news for our health, but what about salt-cured or pickled meat?

Read more
Hostage tells: How I outfoxed killer Antonie Dixon
83412 2017-12-16 00:00:00Z Crime

Hostage tells: How I outfoxed killer Antonie Dixon…

by Gareth Eyres

Ian Miller was held hostage in his Auckland home by meth-fuelled, gun-wielding killer Antonie Dixon. He'd never told his story. Until now.

Read more
The epilogue that sheds light on Antonie Dixon's dark deeds
83430 2017-12-16 00:00:00Z Crime

The epilogue that sheds light on Antonie Dixon's d…

by Gareth Eyres

How have those affected by Antonie Dixon's night of carnage fared nearly 15 years later?

Read more
Nokia and Motorola phones are making a comeback
84440 2017-12-16 00:00:00Z Technology

Nokia and Motorola phones are making a comeback

by Peter Griffin

It's been a long time since Nokia and Motorola ruled, but they're back with new mid-market smart phones.

Read more