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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
CoreLogic house prices for April fell 0.6% m/m to be down 10.3% y/y and 11% off the April 2022 peak. They fell 1.1% m/m and -10.5% y/y in March. April was the thirteenth consecutive fall in contrast to Australia which saw prices rise in March and April. Home prices in NZ though remain 27.5% above pre-pandemic levels compared with 11.5% in Australia.
- CoreLogic noted that “The generalised peak for mortgage rates could start to increase buyers’ confidence in the coming months, while employment remains high, alongside a slight decline in available listings, and rising net migration.”
- Loan-to-value rules are due also to be relaxed while debt-to-income limits are to be introduced next year, both of which could boost house sales and thus support prices over the rest of 2023. On the other hand, the RBNZ is forecasting a shallow recession.
- “I could readily imagine relatively flat house prices into 2024, possibly longer,” said CoreLogic NZ Chief Property Economist Davidson.
- See report here.
CoreLogic home prices y/y%
Source: MNI - Market News/Refinitiv/CoreLogic
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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