New Zealand's housing market is on track for a recovery in 2025 following a stabilization towards the end of last year based on the latest REINZ House Price Index, ANZ Research said in a Wednesday note.
The index rose 0.2% in December 2024, its second consecutive monthly increase. Sales declined nearly 12%, but were revised higher over history to offset the fall. Total housing market inventory fell in December for the first time since mid-2023 on the back of lower new listings.
"All up, these data remain consistent with house prices finding a floor, paving the way for a recovery over 2025," ANZ Research wrote.
It expects house prices to rise 6% in 2025, noting that a "meaningful upswing" is not until the second half of the year.
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