House prices are expected to come under increased downward pressure in the next few months according to the latest research from Mike Pero Mortgages-Infometrics Property Cycle Indicator.The indicator, which measures the number of houses sold, the time tak
House prices are expected to come under increased downward pressure in the next few months according to the latest research from Mike Pero Mortgages-Infometrics Property Cycle Indicator.
The indicator, which measures the number of houses sold, the time taken for them to sell and price changes found the 10% fall seen in September had not improved in October.
It also showed properties took an average of 41 days to sell, the slowest rate seen since March 2009.
“This latest figure suggests house prices will come under increased downward pressure in the next few months,’ Mike Pero Mortgages chief executive Shaun Riley said.
“House sales volumes in October were down 36% from a year earlier, the largest annual decline since the height of the financial crisis in late 2008. A sharp drop in sales activity in Auckland was the main contributor to this decline. “
The average house price stayed at $350,000 in October for the third month in a row, down 1.4% from the first annual decline in May.
