The latest issue of Property Focus by the ANZ has some interesting, if somewhat sober, commentary about the current state of the property market. In essence they say the market has turned, but due to a lag effect it has yet to become evident in the annual property measures.
They say, "On a 3-month annualised basis, nationwide prices are running at 1.9%, which is down from over 23% in mid-2016. Auckland and Christchurch prices are actually 6.7% and 10.2% lower respectively on the same measure; even if we account for volatility that’s an almighty thump…Nationally, house prices are still up 10.6% on a year ago according to the stratified measures, but annual changes lag turning points. Quarterly changes are noisier but more adept at picking changes in the market. The signal on this front (just +0.5% 3m/3m in February) indicates a clear slowdown."