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NZ Property & Economic Update - June 2020 by CoreLogic NZ
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It looks like market activity is heading back to some sort of normality too with agent appraisals, new listings and bank ordered valuations in June comparing favourably to previous years.
In fact, new for sale listings for the last three weeks are tracking right in line with the average over the last 5 years.
Such normality during a time that’s anything but normal is actually comfortably reassuring. We’re not seeing a flood of properties coming to market stressed, yet vendors aren’t afraid to list their property for fear of uncertainty.
The market has certainly not gone through unscathed though as the Real Estate Institute’s data for May has shown.
Sales volumes in May remained well below previous years, but that’s not surprising given we were at alert level two or three for the entire month, with physical distancing practices still in place throughout.
When adjusting volumes for non-agent sales as well, we’re reporting a drop of almost 44% nationwide compared to last year, with both Wellington and Christchurch experiencing slightly better bounce-backs compared to the other main centres.
With the drop in sales volumes we need to be cautious of greater volatility in value measures, including house price indices, however for the main centres we can get a reasonable read of where things are at.
And there is now no doubt property values have been impacted by COVID-19. According to the REINZ house price index, nationwide values dropped by -0.5% in May and are -1.6% down over the last three months.
That three month measure is a decent barometer of market performance for those areas with a large enough sample of sales in May – typically the main centres – comparing the relative prices paid in May to back in February, before any uncertainty really hit the market.
The audio version of the webinar is presented by Head of Research, Nick Goodall from CoreLogic NZ.
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