The Real Estate Institute of New Zealand has published its first Residential Market Confidence Report for June 2020. The REINZ Residential Market Confidence Report, is based on weekly activity in the housing market, and aims to look at the different factors in the market that indicate the level of confidence seen across the residential real estate sector. The data provided is from a national perspective.
The indicators chosen to measure include:
- Sales volumes
- Median days to sell
- Median price
- Median sales price to valuation ratio
- Percentage of auctions
- New listings, and
- Anecdotal feedback from real estate agents.
New Zealand’s housing market went into COVID-19 in an extremely strong position with March marking four months in a row where every region in the country saw an annual increase in median prices. Additionally, March saw a new record median price for the country at $665,000 and record median prices in 8 regions and saw 12 out of 16 regions with double-digit annual median price increases.