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No one told NZ’s property market it was Christmastime
In a Santa-like feat, New Zealand’s property market showed no signs of slowing down over the festive period, with CoreLogic noting housing values continuing to grow off the back of strong spring figures.
For anyone invested in property over the ditch, or is considering migrating their portfolio that way, the property research group has crunched the numbers and found property values rose by 0.9 per cent over the month in its QV December 2019 House Price Index.
It pushed the annual rate of growth up to 4 per cent from the 2 per cent lull seen in June 2019.
It also enabled 2019 to post the strongest annual growth figure since September 2017, according to the analysis.
Despite the positive results, Mr Goodall did note that they are “starting to see a slowdown in some provincial cities as recent rates of growth can’t be sustained with consistent demand”.
While first home buyers remain active, and investors have re-emerged with confidence, the researcher stated that in some smaller areas, “the perception of value is starting to wane”.
However, there’s still optimism abound.
“As we all return to work, many people may be looking to evaluate their financial situation and plans for the year,” Mr Goodall commented.
“Property investors appeared to end 2019 in a relatively buoyant mood and we expect them to kick into 2020 with the same energy.”
