27 Jul Signs of life in property market
GOOD NEWS: The Mike Pero Mortgages-Infometrics property cycle indicator has climbed to its best reading in two years
www.stuff.co.nz
An indicator of the housing market improved to its best reading in two years, as the economy struggled to escape a recession that began at the start of 2008.
The Mike Pero Mortgages-Infometrics property cycle indicator climbed to a positive 4.01 in June, from 0.31 in May, the first time it has been at that level since mid-2007.
The indicator includes three main factors — changes in the number of houses sold, changes in price, and the time taken for houses to sell.
June’s median house price of $340,000 was unchanged from a year earlier, the best result in 15 months and halting the slide in house values, Mike Pero Mortgages chief executive Shaun Riley said today.
“The average time for a house to sell reduced by 12 days, again a significant improvement and the biggest year-on-year change since 2003.
“The third indicator measure, the number of houses sold, was up by 40 percent year-on-year,” Mr Riley said.
Auckland in particular was leading the market, with a regional indicator of positive 4.87, the strongest in the country.
Canterbury was also showing strength with a regional indicator of positive 3.6, the best result in the South Island.
NZPA
http://www.stuff.co.nz/business/personal-finance/2677939/Signs-of-life-in-property-market