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By Miriam Bell
Months of falling house prices are coming to an end, and factors are building to support the market, according to one of the world’s largest banks.
HSBC economist Jamie Culling said some indicators of market conditions had stabilised recently, and population growth was likely to lead to stronger price growth than expected, as it had in Australia.
Many commentators have said the market looked to be at, or nearing, the bottom, but the upturn could lack “oomph”, ANZ economists said on Friday.
Here are some numbers that tell us where the market is placed mid-year.
$780,000
The national median house price in June, according to the Real Estate Institute.
It was down 8.2% from $850,000 at the same time last year, but it had remained unchanged for the last three months.
The median prices in the Auckland and Wellington regions were $1 million and $765,000 respectively, while in Christchurch the median was $650,500.
17.7%
That was how far prices nationwide had fallen from the November 2021 market peak, the institute’s latest house price index showed.
The index provides a measure of price movements that is not skewed by the volume or type of homes selling, which can affect median price estimates.
In the Wellington region prices had fallen 25% from the market peak, while in the Auckland region they were down 22.5%.
0.4%
And that was how much prices in the index rose by, nationwide, in June. ASB economists described it as the “first meaningful lift” since November 2021.
