REINZ chief executive Jen Baird said August provided a sense of confidence and positivity to the property market.
While there is a rise in optimism and confidence, we are hopeful that better times are still ahead.”In an economic note, ASB economists said housing data remained subdued regardless of the Official Cash Rate cut.
“Data from REINZ showed no early signs of strength in the housing market, despite substantial falls in mortgage rates since mid-July,” ASB said.
“After observing some signs of rebound in July, we thought there was some chance that the housing market would continue to lift in August.”ASB economists said they expected housing market activity to strengthen over the remainder of 2024, supported by further interest rate cuts.
According to REINZ, the national inventory level increased by 30%, or 6830, in August, from 22,750 to 29,579 year-on-year.

Housing market still subdued despite Official Cash Rate cut