Property indicators on the way up
The Mike Pero Mortgages/Infometrics indicator, running from minus 10 to positive 10, climbed to a positive 4.01 in June, from 0.31 in May, the first time it has been at that level since 2007.
The indicator is a sensitive measure of the housing market and includes three main factors: changes in the number of houses sold, change in price, and the time taken for a house to sell.
The average time for a house to sell reduced by 12 days year-on-year in June, the biggest change since 2003. The number of houses sold was up 40% from the same month last year, while the median house price was unchanged from a year earlier, at $340,000, the highest it's been in the past 15 months.
"Auckland in particular is leading the market, with a regional indicator of positive 4.87, the strongest in the country," Mike Pero Mortgages chief executive Sean Riley says.
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