As we sift through the data, we found a few pleasant surprises. So far we have had housing market data for April and May, and only a very limited look at June. April’s lockdown and the rollback of social distancing measures over May generated significant distortion to the data. As would be expected, house sales slumped and the median number of days for a property to sell (a measure of slack in the market) jumped. And house prices have started to fade too. In May, the REINZ’s house price index was down around 2% on March.
NZ Resi market ….post lockdown
The Analyst
