Pacific. New Zealand’s housing market continues to grow stronger and is now the second best performer in our global house price survey. The nationwide median house prices rose by 10.43% during the year to Q2 2016, a sharp rise from a y-o-y increase of 5.19% in the same period last year. House prices rose by 0.58% q-o-q during Q2 2016.
Africa. South Africa’s housing market remained weak, amidst economic uncertainty. The price index for medium-sized apartments fell by 0.32% during the year to Q2 2016, its fourth quarter of annual price declines. On a quarterly basis, house prices dropped slightly by 0.05% in Q2 2016. House prices are expected to continue falling in the remaining months of 2016, amidst the continued weakness of the rand, falling foreign investor confidence, and uncertain economic condition.
Latin America is mixed. Mexico’s housing market continued to grow stronger, buoyed by strong demand in resort communities. The nationwide house price index rose by 5.32% y-o-y in Q2 2016, an improvement from an annual rise of 3.43% during the same period last year. On a quarterly basis, house prices increased 2.45% in Q2 2016.
Brazil’s housing market remained depressed, amidst the ongoing economic crisis and an uncertain political landscape. In Sao Paulo, house prices fell by 7.59% during the year to Q2 2016, worse than the 3.52% decline seen in a year earlier. It was already its sixth consecutive quarter of falling house prices. Quarter-on-quarter, house prices dropped 1.58% in Q2 2016.
Chile’s housing market was also down, with the average price of new apartments in Greater Santiago falling by 1.36% during the year to Q2 2016, in contrast with an annual rise of 2.93% a year earlier. On a quarterly basis, house prices dropped 2.62% in Q2 2016.
