The REINZ released their latest reports to June 2022, and were are pains to talk about the annual price movements, not the monthly changes, which was down 1.9% overall.
And according to their HPI you can see why. There is the remnants of a run up, which masks the falls following the RBNZ rate hikes which started late last year. Falls are in play almost universally, including the Upper North Island, Lower North Island and the South Island. But there are some variations.
The largest one-month falls were in Wellington City, down 5.7%, Dunedin City down 3.6%, Nelson down 2.9% and Queenstown down 2.4%. In the North, Turanga City fell 4.3%, Hastings 3.9%, Palmerston North 3.3% and Auckland City 2.8%. On the other hand, Rotorua was up 2.3%, Upper Hutt up 1.6% and Christchurch City up 0.6%, the same as Auckland’s North Shore City.
They did concede listings were up, days on market were increasing, and the proportion of sales via auctions were falling.
They refer to their median price calculations, where the median change was up 1.2% across the country, or 1.5% seasonally adjusted. But the spin machine was in full misdirection mode in their report.
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