The latest report from Corelogic shows first home buyers formed only 21.5% of the market for the first 3 months of this year. This is the lowest since 2018 and down from 24.8% in their last report.
House prices still move upwards – a seasonally adjusted increase of 25.6% over same time last year. From $680,000 to $810,000 national average.
Property sales are falling. But houses are selling faster.
Housing construction costs rose by 1.3% during the first quarter 2021. A tripling of the 0.4% in the 4th quarter 2020. Within the residential construction sector price increases are running at +3.3% for Q1. Indications are that construction prices will continue to grow.
Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices in 45+ cities around the world.
Auckland was the indexes previous front-runner but has now fallen to 16th place following
· A slowdown in price increases from 18% to 8%
· The introduction of a capital gains tax (their words not ours) for non-primary residences held for less than 10 years (bright line testing presumably)
5 of the top 10 are cities in China, Korea and Taiwan. The others in Canada, USA and Russia.