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July 2019 REINZ Property Report

By Julie Halligan

REINZ Chief Executive Bindi Norwell reports “This is the first time in eight months that we’ve seen the number of properties sold around the country increase on an annual basis suggesting that we’re starting to see some early signs of growth. Some of this can be attributed to more certainty post the removal of the Capital Gains Tax, but it’s also about pockets of renewed confidence and parts of the market finding its new normal in terms of pricing.

“With August’s surprise 50 basis points drop in the OCR, going forward we expect to see even more signs of growth – especially as we move towards the warmer weather when we tend to see more activity in the market.”

REINZ Monthly Property report July 2019

REINZ Monthly House Price Index July 2019

Source; REINZ – https://www.reinz.co.nz/residential-property-data-gallery

The number one advantage between REINZ data and other housing data on the market is that REINZ has access to sales data from the time the price is locked in (unconditional data) as opposed to when the house changes hands (settlement date) which can often be weeks or months later. Therefore, REINZ data is the best and most timely measure of recent housing market activity.

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