PRICES EASE INTO A SETTLED AUTUMN
March solidified the market changes of the past three months as pressure on property prices eases, inventory levels rise, demand softens and sales activity drops.
The latest REINZ data shows house prices dropped 4.8 per cent between February and March on a seasonally adjusted basis.
Median prices across New Zealand increased 7.9 per cent annually, from $825,000 in March last year to $890,000 in March this year.
The median residential property price for the country, excluding Auckland, increased 14.1 per cent annually from $679,000 in March last year to $775,000 in March this year.
REINZ chief executive Jen Baird says prices are easing and the market is returning to a more settled pace.
“The rate of growth is slowing, sales activity is down and median days to sell is up. The impact of tighter lending criteria, LVRs, and increasing interest rates, coupled with inflation, continue to reduce
