NZ house sales, prices rise in May 12 Jun 2012
- MARKET CLOSE: NZX 50, Freightways rise to records Business
- NZ dollar sinks on Fed optimism, neutral RBNZ Business
- NZ, Aust working on differences in depositor protection Business
- High Court bars Buddle Findlay from acting against Kerr Business
- RBNZ refrains from FX intervention in September Business
- Chatham Rock to delay exercise of options Business
- Souter says low-price seats, quality will demand bus demand Business
- CORRECT: NZ dollar drops 2% in 2 hours on Fed, RBNZ Business
- FMA sets sales, conduct and governance as priority targets Business
- BNZ chief Healy sees growth in rural, business lending 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.
29 Oct 2014 News
New Zealand Government Rt Hon John KeyPrime Minister Hon Bill EnglishDeputy Prime Minister 29 October 2014 Cabinet has agreed on the... more
28 Oct 2014 Business News
By Paul McBeth Oct. 28 (BusinessDesk) - The New Zealand dollar held gains in the local trading session as traders remain cautious... more
28 Oct 2014 Business News
By Fiona Rotherham Oct. 28 (BusinessDesk) - Orion Health Group, which develops software systems for patient health management, wants... more
29 Oct 2014 Food & Wine
Neena and Belinda have won the first season of My Kitchen Rules New Zealand. The "Modern Day Hippies" beat Aaron and Heather in... more
28 Oct 2014 Property
By Suze Metherell Oct. 28 (BusinessDesk) - Goodman Property Trust, the biggest listed property investor by market value, sold two... more
24 Oct 2014 Migration
New Zealand has been named the best place to raise a child in the Raising Children Abroad annual league table. According to the HSBC... more
24 Oct 2014 Travel & Tourism
Giving flyers an Unexpected Journey! Elijah Wood and Sir Peter Jackson star in 'epic' Hobbit themed Air New Zealand safety video Air... more
29 Oct 2014 Rugby League
Vodafone Warriors prop Suaia Matagi is poised to play his first test for the NZ Kiwis against his old team-mates, Toa Samoa, at... more
28 Oct 2014 Cricket
ICC Cricket World Cup 2015 Cancer Society named official charity in New Zealand for ICC Cricket World Cup 2015 The Cancer Society has... more
28 Oct 2014 Opinion
Article - Adam Parsons The return of Occupy London: this time it’s truly political by Adam Parsons22 October 2014
28 Oct 2014 Column
Column - Gordon Campbell Gordon Campbell on the TPP finishing line, and Amazon’s woes by Gordon Campbell If the Trans Pa... more
28 Oct 2014 Appointments
Minister of Foreign Affairs Foreign Minister Murray McCully has appointed diplomat James Kember as New Zealand’s next... more
28 Oct 2014 Recruitment
Social Development Minister Anne Tolley says the Government’s 3K to Christchurch scheme is a winner with 633 unemployed people... more