Economists give their views on house prices
ASB expectes prices to soften
The data was affected by the Canterbury earthquake - house sales in the Canterbury/Westland region dropped 36% from the previous month, which is unsurprising, given the disruption and damage following the 4 September earthquake.
Looking at the rest of the country, the nationwide experience was similar to the preceding months of 2010 - that is low turnover, but relatively steady prices.
Nationwide days to sell extended to 45 days from 44 in August (SA). Days taken to sell in Canterbury did not extend by much (from 38 to 40 days). Our ex Canterbury Days to sell estimate held steady at a seasonally adjusted 47 days. Days to sell extended in Auckland but shortened in Wellington in September. By this measure, the market remains tipped in favour of buyers, with days to sell comfortably above the long-run average of 38 days.
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