Critical turning point for New Zealand’ s housing market
Atom Go Tian Senior Data Analyst Ray White Group
New Zealand’ s housing market delivered its strongest July performance in over a decade, with the national median house price holding steady during what is traditionally one of the year’ s weakest months.
The median house price decreased just 0.20 per cent to $ 767,250 in July, a minimal decline from June’ s $ 770,000.
More significantly, however, this represents a 1.70 per cent increase from one year ago, which stands out as exceptional when viewed against historical patterns.
Typically, New Zealand’ s housing market operates within well-established seasonal cycles, characterised by two distinct slow periods. The first occurs during summer holidays from December to January, whilst the second spans April to July, punctuated by school holidays, national public holidays, and shorter winter days.
July traditionally marks the tail end of this reduced seasonal activity.
The average June-to-July decline over the past decade has been 1.9 per cent, a seasonal adjustment that persisted even during the consistent growth years of 2015-2019. Excluding the pandemic-driven boom of 2020-2021, this represents the best July result in over a decade.
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