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"This month the REINZ has launched a new House Price Index (HPI) which has been designed in conjunction with the Reserve Bank and adjusts for monthly differences in the composition of the homes that are sold.
The HPI showed that nationally, prices in March were up 10% compared to March last year but unchanged from February.
In Auckland, the HPI was up 8.3% compared to March last year but down 0.3% compared to February.
The national figures with Auckland removed showed a gain of 13% compared to March last year, and a gain of 0.6% compared to February.
That suggests that prices in Auckland are flat or declining overall and starting to flatten out around the rest of the country.
The Index showed that prices are down in most parts of Auckland, with the biggest decline occurring Rodney, where the Index declined 1.7% in March compared to February, followed by the North Shore -0.4%, Central Auckland suburbs -0.4%, and Manukau -0.3%.
However the Index posted gains in Waitakere +0.4% (although it was down 0.4% in Waitakere compared to three months earlier), Papakura +1% and Franklin +3%.
The only other major centres where the Index declined in March compared to February were Rotorua -0.6% (-2.1% compared to three months earlier), Christchurch -1.6% and Queenstown -0.3% (-2.9% compared to three months earlier).
Nationally, the biggest gains in the HPI in March compared to February were in Franklin (Auckland's southernmost district) +3%, Napier +3%, Dunedin +2.5% and New Plymouth +2.2%.
"The REINZ HPI takes many aspects of market composition into account, and thus provides more accurate results," REINZ chief executive Bindi Norwell said in the REINZ's March report (se below)."
http://www.interest.co.nz/property/8...se-price-index
The HPI showed that nationally, prices in March were up 10% compared to March last year but unchanged from February.
In Auckland, the HPI was up 8.3% compared to March last year but down 0.3% compared to February.
The national figures with Auckland removed showed a gain of 13% compared to March last year, and a gain of 0.6% compared to February.
That suggests that prices in Auckland are flat or declining overall and starting to flatten out around the rest of the country.
The Index showed that prices are down in most parts of Auckland, with the biggest decline occurring Rodney, where the Index declined 1.7% in March compared to February, followed by the North Shore -0.4%, Central Auckland suburbs -0.4%, and Manukau -0.3%.
However the Index posted gains in Waitakere +0.4% (although it was down 0.4% in Waitakere compared to three months earlier), Papakura +1% and Franklin +3%.
The only other major centres where the Index declined in March compared to February were Rotorua -0.6% (-2.1% compared to three months earlier), Christchurch -1.6% and Queenstown -0.3% (-2.9% compared to three months earlier).
Nationally, the biggest gains in the HPI in March compared to February were in Franklin (Auckland's southernmost district) +3%, Napier +3%, Dunedin +2.5% and New Plymouth +2.2%.
"The REINZ HPI takes many aspects of market composition into account, and thus provides more accurate results," REINZ chief executive Bindi Norwell said in the REINZ's March report (se below)."
http://www.interest.co.nz/property/8...se-price-index