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NZ: Home gross sales fell 7% in February – ANZ

Liz Kendall, senior economist at ANZ, notes that the New Zealand’s REINZ home gross sales fell 7% in February (sa, ANZ estimate), after an keen begin to the 12 months (up 13% in January).

Key Quotes

“The information stay whippy, however the January elevate was probably boosted by the RBNZ’s leisure of LVR restrictions, which we anticipated would solely present a brief increase.”

“Home costs have been up 0.7% m/m in February to be 1% larger over the previous three months. Costs have been boosted by easing in LVR restrictions and falls in mortgage charges late final 12 months, however we anticipate this elevate will show short-term. Annual home worth inflation is secure at 3%.”

“All regional housing markets outdoors Auckland and Canterbury stay tight. Hawke’s Bay, Manawatu-Whanganui, West Coast and Southland have seen significantly massive will increase over the previous three months.”