Economists say New Zealand’s housing slump is over, with latest data suggesting the market has found a bottom and prices are starting to recover.
A report from the Real Estate Institute of New Zealand showed New Zealand house prices rose 0.4% in June as sales continued to recover.
“The turning point in the house price cycle has been reached,” said Miles Workman, senior economist at ANZ Bank in Wellington.
Lang Huo, senior economist at Westpac Bank in Auckland, agrees.
Auckland Savings Bank analyst Nathaniel Keall said, “With mortgage rates near their peak, supply stabilizing and recent population growth strong, house prices are likely to rise further in the coming months. Differently, prices will recover slowly rather than skyrocketing.”