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."