Cotality

Highlights include:

New Zealand’s residential real estate market is worth a combined $1.64 trillion.
The Cotality Home Value Index shows property values across New Zealand edged down -0.1% in May. Over the three months to May, there was also a -0.1% dip in median property values across NZ.
The total sales count over the 12 months to May is 85,395.
Total listings on the market were 29,443 in May. The total number of properties listed on the market remains elevated, although the seasonal fall for new listings flows means that agreed sales have just started to eat into stock levels a little in the past few weeks.
The pace of rental growth remains subdued, with net migration having fallen a long way from its peak, and the stock of available rental listings on the market still elevated.
Gross rental yields now stand at 3.8%, which is the highest level since 2015-16.
Inflation is back in the 1–3% target range, and after May’s 0.25% cut, the OCR is now down to 3.25%.
The Chart of the Month shows Reserve Bank figures, with the average rate being paid on the existing stock of fixed loans currently about 5.9%, but prevailing rates are now about 1%-point lower than that figure.