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New Zealand's housing market recorded moderate price growth recently, with the median home price rising on a monthly and annual basis, according to data released by the Real Estate Institute of New Zealand. Sales activity also increased compared to the previous month, although annual growth remained marginal. Major regions such as Auckland saw their strongest February sales levels in about five years. Despite stable demand, homes are taking longer to sell as buyers and sellers wait for favourable prices. Market observers are also watching interest rate trends and global developments that could affect buyer confidence.
New Zealand's housing market showed moderate growth recently, with home prices rising while overall sales activity remained largely stable. Data released by the Real Estate Institute of New Zealand indicated that buyers and sellers were still active in the market, though transactions were taking longer to close as both sides waited for the right pricing. Advertisement
Seasonally adjusted figures showed that the national median house price increased by 2.4 percent compared with the previous month. On an annual basis, prices were 3.2 percent higher. The data also indicated that total home sales rose by 6.6 percent month-on-month. However, the yearly increase in transactions remained marginal at 0.3 percent, suggesting that demand has stabilised rather than surged.
Regional markets also reported healthy activity. Data showed that major areas, including Auckland, recorded their strongest February sales levels in around five years. The city remains the country's largest housing market and often sets the tone for broader national trends.
Lizzy Ryley, chief executive of the Real Estate Institute of New Zealand, indicated that property sales tend to fluctuate during the summer period. She noted that once seasonal patterns were accounted for, the recent data showed steady growth compared with the previous month.
Ryley further indicated that the housing market was likely to maintain stable growth through the autumn period. However, she also pointed out that the decision by the Reserve Bank of New Zealand to keep the official cash rate unchanged at 2.25 percent suggested that the phase of declining mortgage interest rates may have ended.
Market observers are also keeping an eye on international developments. The institute stated that it was closely monitoring the ongoing Middle East conflict, as geopolitical tensions could influence consumer sentiment and increase living costs. Such pressures may affect household confidence and, in turn, the property market.
New Zealand's housing sector has gone through several phases over the past decade, including periods of rapid price growth followed by policy measures aimed at cooling demand. Interest rate movements and lending restrictions have historically played a key role in shaping buyer behaviour and sales activity across the country.
Source Reuters
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