The Real Estate Institute’s house price index rose 0.7 percent in September on the previous month, and was 2.1 percent higher than a year ago.
There were few signs that the traditional spring seasonal rebound would occur this year, REINZ chief executive Bindi Norwell said.
“As the weather warms up we expect the market to pick up again.”
She said market conditions were challenging, with loan-to-value ratios and tighter bank lending criteria weighing on the market.
Prices in Auckland were marginally lower than a year ago, but some regions including Wellington, Hawke’s Bay and Nelson were showing double-digit growth.
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