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New Zealand home prices registered a mild increase in December, supported by stronger sales activity earlier in the month, according to REINZ data released in the past week. Seasonally adjusted median prices rose 0.2 per cent from November and were 1.4 per cent higher year-on-year. Although December is typically a slow period for the housing market, activity levels were higher than seen a year earlier in several regions. The data suggests improving buyer confidence as the market shows early signs of stabilisation after a prolonged downturn.
New Zealand's housing market recorded a marginal uptick in prices in December, supported by stronger sales activity seen earlier in the month before the Christmas slowdown set in. Data released by the Real Estate Institute of New Zealand (REINZ) during the past week showed that seasonally adjusted median house prices rose 0.2 per cent compared to November. Advertisement
On an annual basis, prices were 1.4 per cent higher, indicating a slow but steady improvement in market conditions. This movement came despite December traditionally being a quieter period for residential transactions as buyers and sellers tend to pause activity during the holiday season.
REINZ indicated that housing activity was notably firmer across several regions when compared to the same period last year. The institute's chief executive noted that while December is generally subdued, market participation was stronger than expected in multiple areas, reflecting improving buyer confidence.
The slight price rise follows a period of correction in New Zealand's housing market, which had faced pressure over the past two years due to higher interest rates, tighter credit conditions, and affordability concerns. Recent months have shown signs of stabilisation as borrowing costs ease and pent-up demand gradually returns, particularly among first-home buyers.
Source Reuters
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