The housing market rebound could be reaching a plateau, the latest Mike Pero Mortgages-Infometrics property cycle indicator suggests.
The indicator fell slightly to a positive 7.35 percent in November, from 7.37 in October. It runs from minus-10, showing a strong downturn, to plus-10 for a strong upturn.
A statement out today with the indicator for November said the housing market appeared to have levelled off last month, following the momentum gained in the previous two months.
The indicator looks at three factors from Real Estate Institute of New Zealand data -- changes in the number of houses sold, changes in price, and the time taken for houses to sell.
Mike Pero Mortgages chief executive Shaun Riley said growth in house sales held steady at 40 percent a year in November, but that suggested activity in the market was stronger than it really was, as activity in November 2008 was "very weak".
Looking at the other factors, the median house price was unchanged from October at $355,000 and up 5.2 percent from a year earlier, while the time taken for houses to sell rose for the first time in nine months to an average of 33 days in November, two days more than in October but still 11 days fewer than in November last year.
According to the indicator, Wellington and Auckland were leading the market, Mr Riley said.
Wellington's indicator in November was 9.16, up from 8.27 in October, while Auckland's indicator of 9.06 was up from 8.13.
Rents in November were up 0.5 percent from a year ago, the strongest annual growth since January this year.
