28 Sep 2017

House prices stagnate in election period

6:50 pm on 28 September 2017

Election uncertainty continues to weigh on the property market with spring sales weaker than previous years.

No caption

Photo: RNZ / Claire Eastham-Farrelly

The latest report from property market analysts CoreLogic said buyers were probably waiting for more certainty over housing policies following the election.

Head of research Nick Goodall said growth in property prices was the lowest it had been in five years, at just under 5 percent.

In Auckland, it was just under 3 percent.

Annual rent growth also dipped last month after a strong increase the previous month.

Mr Goodall said net migration slowed slightly over August, which had some influence, but the market was still under pressure from an increasing population.

Get the new RNZ app

for ad-free news and current affairs