Housing market shows upturn

An indicator of the housing market firmed in September, led by Wellington and Auckland.

The Mike Pero Mortgages - Infometrics property cycle indicator lifted to 6.99 last month from 6.66 in August.

The indicator runs from minus-10, showing a strong downturn, to plus-10, showing a strong upturn.

It moved into positive territory in May, with a reading of 0.34, after 20 negative monthly readings. By June the indicator was up to nearly 4, and in July was close to 6.

The indicator looks at three main figures from the Real Estate Institute of New Zealand - changes in the number of houses sold, changes in price, and the time taken for houses to sell.

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Posted: 21 Oct 2009

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