Monthly Property Market & Economic Update

Transcription

1 Monthly Property Market & Economic Update New Zealand March 2018

2 Contents About CoreLogic 4 CoreLogic Data and Analytics... 4 Legal Disclaimer... 4 Macro Economic and Demographic Indicators 6 New Zealand Asset Classes... 7 New Zealand Population... 8 Migration... 9 Regional Building Consents Population Growth Compared to Building Consents Consumer Confidence Employment Interest Rates Housing Overview 14 Nationwide Values Sales Volumes Rent Market Activity Valuations Completed Listings Buyer Classification House Price Index Main Cities Housing Market Indicators 26 Auckland Market Activity Auckland Values Auckland Suburb Value Change Current Auckland Suburb Values Hamilton Market Activity Hamilton Values Tauranga Market Activity Tauranga Values Wellington Market Activity Wellington Values Christchurch Market Activity Christchurch Values Dunedin Market Activity Dunedin Values CoreLogic Monthly Property Market & Economic Update New Zealand March

3 About CoreLogic CoreLogic is a leading property information, analytics and services provider in the United States, Australia and New Zealand. CoreLogic helps clients identify and manage growth opportunities, improve performance and mitigate risk, by providing clients with innovative, technology-based services and access to rich data and analytics. Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy, currency or completeness of the data and commentary contained in this publication and to the full extent not prohibited by law excludes all loss or damage arising in connection with the data and commentary contained in this publication. Contact Call us Wellington office Level 2, 275 Cuba Street PO Box 4072 Wellington 6140 Auckland office Level 5 41 Shortland Street Auckland reports@corelogic.co.nz CoreLogic Monthly Property Market & Economic Update New Zealand March

4 Macro Economic and Demographic Indicators CoreLogic Monthly Property Market & Economic Update New Zealand March

5 New Zealand Asset Classes Residential Real Estate $1.07 trillion ($248 billion in home loans) Commercial/Industrial Real Estate $201 billion NZ Listed Stocks $130 billion NZ Super and KiwiSaver $79 billion The value of residential property continues to grow beyond one trillion dollars, outperforming the value of other asset classes. Residential mortgages secured against 23% of this value. Following on from the drop in value experienced in February 2018 the NZX has gradually strengthened to a new record value at the end of March *Source: CoreLogic NZ, Reserve Bank of NZ, NZX, NZ Superfund, Financial Markets Authority CoreLogic Monthly Property Market & Economic Update New Zealand March

6 New Zealand Population Quarterly Change in National Population Population growth slowed further in Q4 2017, with the moving average continuing to trend down. Almost three-quarters of population growth is due to net migration, which was 70,000 for the year to the end of December This represents a further fall from the peak of 72,200 to the end of June Population Change Composition After hitting a 20 year low, natural population growth rebounded in Q4 2017, but the overall trend is flat. Annual Change in Population Source: Statistics New Zealand CoreLogic Monthly Property Market & Economic Update New Zealand March

7 Migration Long Term Migration January s bounce-back in net migration (up by 1.6% from a year earlier) proved to be a temporary blip, with February s figure coming in 14% lower than a year ago. Higher departures and lower arrivals both contributed to February s soft result. In the 12 months to February, total net migration into New Zealand was 68,943. That total has eased from the peak of more than 72,000 in mid-2017, but the net migration is still running at historically high levels and has not dipped to the extent that might have been expected when Labour and NZ First originally came to power. Monthly Net Migration Between New Zealand and Australia Indeed, Stats NZ s underlying trend measure of net migration is holding up pretty well, and this is not a bad thing when you consider the labour shortages especially for skilled workers currently faced by the NZ economy. A key thing to watch for in the migration figures over the coming months is the net position with Australia. Historically, the Australian net balance has been the swing factor for overall migration to NZ, and when it changes direction it can change very quickly. At least for now, however, subdued wage growth in Australia will be capping its attractiveness for foreign migrants and Kiwis potentially considering making a move. Net Gain Last Year % Change TOTAL ALL AREAS 70, % Auckland Region 36, % Hamilton City 1, % Tauranga City 1, % Wellington 3, % Christchurch City 5, % Dunedin City 1, % Main Urban Area (Other) 5, % Rural Centres 4, % Not applicable/not stated 10, % Source: Statistics New Zealand CoreLogic Monthly Property Market & Economic Update New Zealand March

8 Regional Building Consents New Dwelling Consents Trend The number of building consents issued in Auckland remains strong, despite a minor drop in the monthly trend series, with the annual pace of growth accelerating to 15%. Even at these high build-rates, however, the shortfall of housing will take several years to be eroded. Controversy continues to swirl around the government s KiwiBuild initiative and it remains to be seen how much of a true net boost it will provide to Auckland s housing stock. After all, KiwiBuild will absorb labour resources that would otherwise have been available to build private sector-funded houses. And that s potentially a problem in an industry already running at capacity. That said, the easing in building consents elsewhere around the country may at least help to free up some workers for Auckland s construction market. Population Growth Compared to Building Consents Quarterly Population Change and Building Consents Nationwide With population growth slowing and building consents continuing to increase, the gap between the two is reducing. The gap is calculated by assuming 80% of dwellings consented translate into an actual increase in the number of dwellings (which may be generous given our results of consent to stock change analysis), and that each of those dwellings will house the current average number of people (2.7 people per dwelling). For example, over the year to December 2017 there were 31,127 dwellings consented (able to house 67,234 people), and an increase in population of 97,000, leaving a difference of almost 30,000 too many people for dwellings. Source: Statistics New Zealand CoreLogic Monthly Property Market & Economic Update New Zealand March

9 Consumer Confidence ANZ-Roy Morgan Confidence Consumer January s rise in consumer confidence was repeated in February, with consumers buoyed by the strong labour market (albeit not much pay growth), housing wealth and the prospect of continued low interest rates. The feel-good factor around the new government may also be bolstering households confidence, although the first signs of tension may now be emerging in the coalition (e.g. Jacinda Ardern having to reprimand Shane Jones for his comments about Air New Zealand). The gap has closed in recent months, but for now consumer confidence in NZ is higher than Australia. Source: ANZ NZ, Roy Morgan Trans-Tasman Consumer Confidence Index Source: Westpac NZ, McDermott Miller CoreLogic Monthly Property Market & Economic Update New Zealand March

10 Employment Annual Change in Employment, Full Time and Part Time The rate of part-time employment lifted however the rate of growth in full-time employment eased off for the fourth quarter in a row (albeit only marginally last quarter). The total number of people actually employed has continued to rise. The labour force participation rate eased slightly to 71.0% in Q after peaking in Q at 71.1% and the unemployment rate dropped further to 4.5% - the lowest since Labour Force Participation Rate For an employment lead significant correction in the housing market to occur, there would have to be a turnaround in employment with people unable to pay mortgages or rent. Unemployment Rate Source: Statistics New Zealand CoreLogic Monthly Property Market & Economic Update New Zealand March

11 Interest Rates Mortgage Interest Rates - % Mortgage lending rates have stayed pretty flat at historically low levels in recent weeks, as the retail banks remain in tight competition with each other for market share. Acting Governor Grant Spencer s last rates decision saw the OCR on hold at 1.75% on 22nd March. The incoming Adrian Orr is tipped to shake things up a bit more than recent governors, but given NZ s continued low inflation environment it seems unlikely that the OCR will rise before Projected Official Cash Rate - % Even so, some early signs of offshore funding pressures may start to push up NZ domestic lending rates. This is something to watch for over an month horizon, as the vast majority of fixed mortgages come to an end and homeowners have to refinance. Average Two Year Fixed Rates - % Source: Reserve Bank of New Zealand CoreLogic Monthly Property Market & Economic Update New Zealand March

12 Housing Overview CoreLogic Monthly Property Market & Economic Update New Zealand March

13 Nationwide Values Average Value of Housing Stock - New Zealand Nationwide value growth experienced its traditional cooling in February, with the quarterly rate slowing to 1.2%. However, looking through the normal seasonality by comparing to a year earlier, the annual growth rate held pretty steady at 7%. This is underpinned by a strong labour market and continued low interest rates. Annual and Quarterly Change in Value CoreLogic Monthly Property Market & Economic Update New Zealand March

14 Sales Volumes Nationwide Sales Volumes After holding steady in December, sales volumes fell in January and the decline continued into February (albeit at a slower pace than the previous month). Auckland s downturn in sales volumes continued last month, with high prices and less of a FOMO effect (fear of missing out) combining to dampen market activity levels. Indeed, properties in Auckland are sitting on the market for longer now than they have down for several years. Nationwide Annual Change in Sales Volumes Other North Island cities such as Hamilton and Wellington are seeing turnover increase, while Christchurch and Dunedin are also showing renewed green shoots of recovery. Regional Sales Volumes Year-on-Year CoreLogic Monthly Property Market & Economic Update New Zealand March

15 Rent Nationwide Annual Change in Value and Rent The pace of annual rental growth slowed from 4.9% in January to 4.1% in February, a slightly different picture than the stability for value growth. Gross rental yields continue to tick up and down a little from month to month, broadly hovering at just above the 3% mark. Christchurch s rental market remains the weakest of the main centres, with rents down by 1.9% over the past 12 months. Wellington and Tauranga continue to lead the pack in terms of rental growth, but yields in these centres are comparatively low. Dunedin stands out for having reasonably solid rental growth, combined with a reasonable gross yield of 4.6%. Gross Rental Yield - Nationwide Median Weekly Rent Annual Change in Rent Gross Yield Auckland $ % 2.2% Hamilton $ % 3.4% Tauranga $ % 3.2% Wellington $ % 3.3% Christchurch $ % 3.7% Dunedin $ % 4.6% CoreLogic Monthly Property Market & Economic Update New Zealand March

16 Market Activity Market Activity Index With the holiday period now out of the way, valuation patterns have reverted to normal and we can see that in all centres market activity is still well down on the volumes of a year ago. Auckland continues to be an area of weakness in terms of valuations activity. Latest 3 Weeks Year-on-Year Percentage change Auckland -29% Hamilton City -6% Tauranga City -5% Wellington Region -19% Christchurch City -19% Dunedin City -11% This market activity is based on the number of automated valuations run by bank staff using our systems each week. This number of valuations correlates very closely to the number of sales that will subsequently occur so this is an extremely timely measure of buyer demand, more than any measure of sales. We can also track across any geographic area. CoreLogic Monthly Property Market & Economic Update New Zealand March

17 Valuations completed Market Activity Year-on-Year This map shows activity in the latest three weeks compared to the same three weeks last year. The heatmap for NZ as a whole illustrates the pretty board-based nature of the valuations activity slowdown, with only Nelson and a few selected parts of the central North Island showing any sort of strength. *Size of bubble represents the level of activity for the period 29 January 18 February 2018 CoreLogic Monthly Property Market & Economic Update New Zealand March

18 Listings New Listings New listings have gone through their seasonally typical lift over the last few weeks, however listings in Auckland have not been as strong as around the rest of the country with the one year comparison in Auckland 11% down. New listings in Canterbury have also been weak, while Waikato has seen a strong increase on the same time last year up 25%. New Listings Average last 3 weeks 1 month change 1 year change New Zealand 2,353 4% 0% Auckland 723 4% -11% Waikato 249 4% 25% Bay of Plenty % 0% Wellington 221 3% 2% Canterbury 340-6% -8% Otago % 12% CoreLogic Monthly Property Market & Economic Update New Zealand March

19 Total Listings Listings are showing signs of increasing both in Auckland and around the rest of the country, which will tend to dampen price pressures. Wellington, however, is still a tight market in terms of property available for sale. Total Listings Latest week 1 month change 1 year change New Zealand 30,521 3% 8% Auckland 9,932 7% 19% Waikato 3,230 3% 21% Bay Of Plenty 2,147 1% 6% Wellington 1,652 2% -1% Canterbury 4,881 1% 4% Otago 1,118 2% 6% CoreLogic Monthly Property Market & Economic Update New Zealand March

20 Buyer Classification Buyer Classification - New Zealand First home buyers have slightly reduced their share of the market in the first few months of 2018, but remain more active than they have been at any point in the past 4-5 years. Multiple property owners have also increased their share of the market in recent months, perhaps because some will be able to rejig existing finances to allow extra property purchases. On the other hand, movers are taking a smaller share of activity, perhaps preferring to renovate their existing house rather than move. CoreLogic Monthly Property Market & Economic Update New Zealand March

21 House Price Index Average Dwelling Value Values were at worst flat across most of the country in February, with Tauranga and Wellington showing solid monthly gains of roughly 1% boosting their three month growth rates to 2.8% and 3.1% respectively. The recent rebound in Auckland values was halted, for the time being at least, with a 0.1% drop in February. Values continue to track sideways in Christchurch, and the growth rate in Dunedin slowed to only 0.1% for the month. February 2018 Current Value 3 months 12 months Since 2007 peak New Zealand $672, % 7% 62% Auckland $1,053, % 1% 93% Hamilton $548, % 3% 52% Tauranga $706, % 5% 47% Wellington $640, % 9% 41% Christchurch $494, % -1% 30% Dunedin $392, % 9% 37% Source: CoreLogic NZ QV Monthly House Price Index CoreLogic Monthly Property Market & Economic Update New Zealand March

22 House Price Index Annual Value Change Focusing on the past 12 months, value changes have been strongest in parts of the lower North Island, including Horowhenua and Masterton. Auckland and Canterbury stand out as parts of the country with more modest value gains, while lower down in the South Island, areas such as Winton, Te Anau and Riverton have helped boost overall values in the Southland District. *Size of bubble represents the number of properties in the Territorial Authority CoreLogic Monthly Property Market & Economic Update New Zealand March

23 Three Month Value Change Looking at a more recent three month change in values, areas of strength have been around Hawke s Bay and Waikato, while there have also been some hotspots in the lower half of the South Island. Again, the areas with softer price trends have been around Canterbury and Auckland. *Size of bubble represents the number of properties in the Territorial Authority CoreLogic Monthly Property Market & Economic Update New Zealand March

24 Main Cities Housing Market Indicators CoreLogic Monthly Property Market & Economic Update New Zealand March

25 CoreLogic Monthly Property Market & Economic Update New Zealand March

26 Auckland Market Activity Buyer Demand - Auckland Overall demand in Auckland s housing market has made a relatively lacklustre start to 2018, but this trend does not necessarily apply to all types of buyers. Multiple property owners held onto their gains in the Auckland market over the past few weeks and are now consistently accounting for more than 40% of activity. As we outlined last month, it s typical for between 25% and 33% of these to make their purchase without a mortgage, unaffected by LVRs or serviceability criteria (and subsequently excluded from RBNZ reporting). First home buyers are also consistently active in Auckland at around 23% of the market, and have now overtaken movers in the rankings. First home buyers are willing to sacrifice location and/or quality to get on that first rung of the ladder. Buyer Classification - Auckland CoreLogic Monthly Property Market & Economic Update New Zealand March

27 Auckland Values Average Value of Housing Stock - Auckland The quarterly rate of change in Auckland values slowed from 1.6% in January to 0.8% in February, which seems consistent with the cooling in market activity levels. Waitakere continues to experience a very slow recovery in values but they still remain below the level a year ago. Auckland City values have effectively plateaued for over a year now, while Manukau has experienced some recent growth, but only enough to make up for losses over the previous 9 months Annual and Quarterly Value Change - Auckland February 2018 Current Value 3 months 12 months Since 2007 peak Rodney $951, % 2% 62% North Shore $1,231, % 3% 91% Waitakere $825, % -1% 95% Auckland City $1,239, % 1% 99% Manukau $902, % 0% 97% Papakura $702, % 2% 95% Franklin $674, % 2% 70% CoreLogic Monthly Property Market & Economic Update New Zealand March

28 Auckland Suburb Value Change Annual Value Change CoreLogic Monthly Property Market & Economic Update New Zealand March

29 As was the case last month, parts of central Auckland and in the eastern suburbs are seeing solid gains in property values, of 10% or more on an annual basis. However, to the west and south of the city there are several suburbs that have seen prices fall over the past year. *Size of bubble represents the number of properties in the suburb. Based on CoreLogic Median E-valuer CoreLogic Monthly Property Market & Economic Update New Zealand March

30 Current Auckland Suburb Values Median Value of Housing Stock 20 km 10 km Slight drops in value have not changed a picture of widespread unaffordability in Auckland. There are now 10 suburbs where the average value of the housing stock is over one million dollars with Piha, New Windsor and Unsworth Heights among the latest to join the club and Botany Downs dropping slightly below the milestone mark. *Based on CoreLogic Median E-valuer CoreLogic Monthly Property Market & Economic Update New Zealand March

31 CoreLogic Monthly Property Market & Economic Update New Zealand March

32 Hamilton Market Activity Buyer Demand - Hamilton Buyer demand has risen solidly in Hamilton in recent weeks, in contrast to softer results for neighbouring areas. Multiple property owners have been easing back in Hamilton and movers have also seen their share of the market slide a bit. That leaves first home owners as the key support for recent activity in Hamilton, and their 24% share of the market has now edged slightly above movers. First home buyers still have a strong incentive to get into the market if they can, given that renting can often be more expensive than owning. Access to Kiwisaver withdrawals may also be a factor here. Buyer Classification - Hamilton CoreLogic Monthly Property Market & Economic Update New Zealand March

33 Hamilton Values Average Value of Housing Stock - Hamilton Hamilton s property values seem to have passed a recent soft patch and although quarterly growth rates are ticking along at less than 1%, the annual rate has recently lifted to 3% in the past few months. Growth in Hamilton South West has now begun to slow, while Central & North West has finally seen a turnaround in values after 4 months of value erosion, however the three month rate is still negative. Hamilton South East is showing signs of recovery, with the three-month growth rate pretty strong at 1.8%. Annual and Quarterly Value Change - Hamilton February 2018 Current Value 3 months 12 months Since 2007 peak Hamilton Central & North West $498, % 1% 39% Hamilton North East $694, % 2% 55% Hamilton South East $500, % 4% 43% Hamilton South West $491, % 6% 44% CoreLogic Monthly Property Market & Economic Update New Zealand March

34 Tauranga Market Activity Buyer Demand - Tauranga Tauranga s valuation volumes have been up and down so far in 2018, but if we look through the volatility the general trend has been rising. First home buyers play less of a role in Tauranga than other main centres, so it s the movers and multiple property owners that are supporting the city s activity. Multiple property owners in particular have had a relatively good start to Buyer Classification - Tauranga CoreLogic Monthly Property Market & Economic Update New Zealand March

35 Tauranga Values Average Value of Housing Stock - Tauranga Tauranga house values seem to have started a bit of a bounceback, with the quarterly rate of change picking up in the last few months. It was 2.8% in February, up from 1.7% in January. The annual rate of growth also now seems to have turned a corner. Annual and Quarterly Value Change - Tauranga CoreLogic Monthly Property Market & Economic Update New Zealand March

36 Wellington Market Activity Buyer Demand - Wellington Wellington s property market is pretty active at present, with valuation volumes the same or better than a year ago. That s pretty rare around the country. Movers are not especially active, only accounting for about 20% of the market in Wellington at present. Multiple property owners are holding their own, but the real action is amongst first time buyers. They continue to raise their share of activity, and at 33%, are now more significant in the market than at any time in the past decade. Buyer Classification - Wellington CoreLogic Monthly Property Market & Economic Update New Zealand March

37 Wellington Values Average Value of Housing Stock Wellington Values in Wellington continue to rise fairly strongly on a quarterly basis, at around 3%. The annual rate of growth has come down from previous rapid levels of more than 20%, but it remains pretty strong at 9%. Growth has slowed across the wider Wellington area with values in February in particular quite weak, and Lower Hutt s quarterly rate of 0.5% the lowest witnessed since October Annual and Quarterly Change in Value - Wellington February 2018 Current Value 3 months 12 months Since 2007 peak Porirua $546, % 10% 43% Upper Hutt $474, % 8% 35% Lower Hutt $526, % 8% 34% Wellington City $764, % 8% 44% CoreLogic Monthly Property Market & Economic Update New Zealand March

38 Christchurch Market Activity Buyer Demand - Christchurch Market activity in Christchurch remains pretty stable, albeit at levels comfortably lower than a year ago. The buyer classification series shows that multiple property owners and movers have reduced their share of the market lately, and this is creating a gap for first time buyers. The latter have increased their share of activity in Christchurch to 25%. It is important to note that most buyer types, not only in Christchurch but all around the country, have become less active. It s just that first home buyers have held up better than others in terms of their interest in entering the property market. Buyer Classification - Christchurch CoreLogic Monthly Property Market & Economic Update New Zealand March

39 Christchurch Values Average Value of Housing Stock - Christchurch Against the backdrop of subdued market activity levels in Christchurch, values are also soft. The quarterly change was essentially zero in February, and values have dipped by 1% compared with a year ago. This is evident across the City; however values in the Hills have continued to make some ground back after the average value dropped to below $650k in October Over the longer term, Christchurch Southwest has seen the greatest growth since the previous peak at the end of 2007 (39%), but values have struggled in recent times (-1% annual rate). As have Central & North. Annual and Quarterly Value Change - Christchurch February 2018 Current Value 3 months 12 months Since 2007 peak Banks Peninsula $511, % 1% 7% Christchurch Central & North $583, % -1% 32% Christchurch East $371, % 0% 20% Christchurch Hills $669, % 0% 21% Christchurch Southwest $472, % -1% 39% CoreLogic Monthly Property Market & Economic Update New Zealand March

40 Dunedin Market Activity Buyer Demand - Dunedin Market activity in Dunedin has started off 2018 pretty positively, with valuation levels on a gently rising trend. First time buyers and movers have not been particularly active in the Dunedin market in recent months, so it s been multiple property owners that have moved up in terms of market share. At 32%, that figure is the highest for a couple of years. This may reflect some decent gains in rents over the past few quarters and the relatively high levels of yields that are on offer in the city, which would appeal to this buyer group. Of course, rising requirements around the standard of rental properties is something that they ll be keeping an eye on. Buyer Classification - Dunedin CoreLogic Monthly Property Market & Economic Update New Zealand March

41 Dunedin Values Average value of stock Dunedin The growth in values in Dunedin continues to tick along at a reasonable pace, with the quarterly change coming in at 1.7% in February. The annual growth rate has slowed, but values are still 9% higher than a year ago. Values across the Peninsula and Coastal areas have been volatile with values dropping dramatically over winter and quickly regaining those losses in spring and more recently flattening out. In Taieri, values have again started to rise, outpacing the other areas within the city in the last three months. Annual and quarterly change in value - Dunedin February 2018 Current Value 3 months 12 months Since 2007 peak Dunedin Central & North $407, % 9% 35% Dunedin South $373, % 10% 31% Peninsula and Coastal $360, % 10% 33% Taieri $408, % 9% 39% CoreLogic Monthly Property Market & Economic Update New Zealand March

42 CoreLogic Data and Analytics CoreLogic Buyer Classification A unique and flagship product to CoreLogic, Buyer Classification determines the type of buyer for every purchase of property based on their current and previous ownership of NZ property. Created at a record level, this can be matched to other datasets or summarised at any geographic area. Our buyer classification is used by financial institutions and Government agencies at both record and summary level and overlaid with their own data to assist strategic, policy, compliance, risk management and marketing decisions. CoreLogic value measures CoreLogic has a suite of products to measure property prices. This ranges from simple market measurements such as median or average sales prices through to stratified medians, various house price indices, and valuing groups of properties using Automated Valuation Models such as E-valuer. The house price indices are available both quarterly for completeness and monthly for reactivity. Suburb scorecard Detailed housing market indicators at suburb level, with data either in time series or current snapshot, and segmented across houses, flats and apartments. The Suburb Scorecard data includes key housing market metrics such as median prices, median values, transaction volumes, rental statistics and market metrics such as median selling time. To view the latest report online and subscribe to receive it in your inbox on a monthly basis, visit; If you would like to know more or obtain tailored data, analytics and insights for your business, please us at reports@corelogic.co.nz. The Quarterly CoreLogic House Price Index has been specifically designed to track the value of a portfolio of properties over time and is relied upon by New Zealand regulators and industry as the most accurate measurement of housing market performance. These value measures are available for long time series and for either standard or custom geographic areas and property types. Legal Disclaimer Copyright This publication reproduces materials and content owned or licenced by RP Data Pty Ltd trading as CoreLogic Asia Pacific (CoreLogic) and may include data, statistics, estimates, indices, photographs, maps, tools, calculators (including their outputs), commentary, reports and other information (CoreLogic Data). Copyright CoreLogic and its licensors are the sole and exclusive owners of all rights, title and interest (including intellectual property rights) the CoreLogic Data contained in this publication. Data & Research publications Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy, currency or completeness of the Data and commentary contained in this publication and to the full extent not prohibited by law excludes all loss or damage arising in connection with the Data and commentary contained in this publication. You acknowledge and agree that CoreLogic does not provide any investment, legal, financial or taxation advice as to the suitability of any property and this publication should not be relied upon in lieu of appropriate professional advice. Published date: March 2018 CoreLogic Monthly Property Market & Economic Update New Zealand March

43 CoreLogic Monthly Property Market & Economic Update New Zealand March

44 For more information contact us corelogic.co.nz Copyright CoreLogic and its licensors are the sole and exclusive owners of all rights, title and interest (including intellectual property rights) the CoreLogic Data contained in this publication.