NZ house sales, prices rise in May 12 Jun 2012
- Lyttelton Port board backs council takeover proposal Business
- MARKET CLOSE: NZ shares fall, led by MRP, Meridian Business
- NZ dollar rises as terms of trade hold at 40-year high Business
- Gentrack secures delayed contract, shares rise to month high Business
- Datacom boosts profit 43% on strong NZ growth Business
- Foreign Asset Sales: Are they worth it? Business
- NZ Dollar Outook: Kiwi may fall this week amid weaker data Business
- NZ terms of trade sets new 40-year high in 2nd quarter Business
- APN may list local unit on New Zealand sharemarket Business
- Allied Farmers back in black as livestock unit grows Business
New Zealand house sales and prices both rose last month on the continued strength of the Auckland and Canterbury property markets, according to Real Estate Institute figures.
The number of sales rose 24 percent to 7,175 in May compared to the same month a year ago, and was up from 5,676 in April, REINZ said in a statement. The national median sale price rose 5.4 percent to $369,000, and was up $4,000 from a month earlier.
The REINZ stratified house price, which irons out peaks and troughs in pricing information, rose 1.7 percent to 3390.6, and is up an annual 6.4 percent.
"The increase is considerably stronger than normal seasonal trends would suggest," REINZ president Helen O'Sullivan said. "The strength of the real estate market continues to be focused on Auckland and Canterbury."
Auckland and Christchurch's tight housing supply has been cited as the cause of a rebound in the property market over the past year, as growing demand outpaces a shortage of new listings and new construction remains light.
The number of sales in Auckland climbed 28 percent to 2,792, while the median sale price rose 7.8 percent to a record $500,000 from May 2011. Canterbury sales surged 56 percent to 1,021, with the median price rising 8.8 percent $33,500.
ASB economist Jane Turner said the "underlying trend in housing market turnover is one of gradual improvement," with low interest rates likely to stoke demand.
"The RBNZ (Reserve Bank) is expecting to see around 5 percent annual house price inflation over the coming year (on the more stable quarterly QV house price index), although with momentum continuing to build the risks are house prices growth faster than this," she said.
The number of sales in Wellington climbed 28 percent to 735 in May from the same month a year earlier, though the median sale price was down 1.7 percent at $368,750. Dunedin sales rose 7.8 percent to 179, with the median sale price falling 2.6 percent to $250,000.
REINZ said the national median time to sell rose to 38 days from 37 days in April, but was seven days faster than a year earlier.
1 Sep 2014 Politics
Roy Morgan Research The Worm turns down for John Key The Roy Morgan Reactor is back! John Key struggled to coax The Worm above the... more
1 Sep 2014 Business News
Article - BusinessDesk NZ terms of trade sets new 40-year high as cheaper imports offset falling exports Sept. 1... more
29 Aug 2014 Business News
Fonterra credit rating cut by S&P over Beingmate deal, Fitch affirms rating Aug. 29 (BusinessDesk) - Fonterra Cooperative... more
1 Sep 2014 Lifestyle
NZ Symphony Orchestra 1 September 2014 - NZSO Media Release for immediate release The ‘best trumpet player in the ... more
29 Aug 2014 Lifestyle
Aarhus Festival Death Lines - a Memento Mori Collection Performances from five cities around the world –... more
14 Aug 2014 Property
New Zealand house sales fell in July as winter cooled the appetite of house hunters while a drop in properties selling for $400,000... more
7 Aug 2014 Property
Aug. 7 (BusinessDesk) - New Zealand property values rose at the slowest annual pace in 13 months in July as rising interest rates,... more
20 Aug 2014 Migration
Statistics NZ puts out detailed data on different ethnic groups, down to the 108 people from the Isle of Man. Did you know there are... more
28 Aug 2014 Travel & Tourism
Aug. 28 (BusinessDesk) - Jetstar, the discount unit of Australian airline Qantas Airways, lost ground in New Zealand, while claiming... more
1 Sep 2014 World Rowing Championships
The New Zealand Rowing Team has wrapped up a successful campaign in Amsterdam at the 2014 edition of the World Rowing... more
1 Sep 2014 Opinion
Gordon Campbell on John Key’s ‘blame it on Judith’ strategy Right now, Prime Minister John Key seems intent... more
29 Aug 2014 Column
As regular readers of this column already know, I am a bit of a fan when it comes to change. Evaluating your life, deciding how you... more
20 Aug 2014 People
We're expecting big things from Harman Grubisa, the new label from Auckland-based friends Madeleine Harman (right) and Jessica... more
22 Aug 2014 Recruitment
The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale... more