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Monthly Property & Economic Update for March – April 2017

By Corrine Hill

Some highlights of the report:

  • Nationwide sales volumes have continued to be weak, with this February the lowest since 2011.
  • Our small net gain in people (particularly Kiwi’s) from Australia continues to hold, meaning we are seeing the longest period of net gain since at least the early 1980’s.
  • Auckland sales have been less than the same time a year earlier for 17 months in a row, which is the longest we’ve seen since the GFC.
  • Market activity, or buyer demand, has started to pick up in Auckland but is still well behind the same time last year.
  • Investor activity in Auckland appears to have rebounded after slipping late last year however further investigation has revealed this is mainly due to cash investors remaining active, while those requiring a mortgage have reduced their activity.
  • Statistics NZ’s trend series for building consents shows a stark difference with January figures now available. December’s figures have been adjusted down and almost all areas are now trending downwards with Auckland’s drop of particular interest.

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