NZ house sales, prices rise in May   12 Jun 2012

Paul McBeth

 

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.

(BusinessDesk)

Add a comment

Bookmark and Share

News

10 year passports will be delivered early

24 Aug 2015 News
10 year passports will be delivered early Internal Affairs Minister Peter Dunne today welcomed the Government Administration Select ... more

One month left for councils to get digital enablement plans sorted

19 Aug 2015 News
New Zealand Government Hon Amy AdamsMinister for Communications 19 August 2015 Local authorities have four more weeks to submit a... more

Business

NZ wool prices unchanged at auction amid Chinese uncertainty

28 Aug 2015 Business News By Tina Morrison
  NZ wool prices unchanged at auction amid Chinese uncertainty Aug. 28 (BusinessDesk) - New Zealand wool prices held steady at... more

NZ dollar bounces from six-year low

25 Aug 2015 Business News By Paul McBeth
Article - BusinessDesk   NZ dollar bounces from six-year low after market volatility takes a breather By Paul McBeth Aug. 25 ... more

Living

It’s Snoopy’s Birthday!

10 Aug 2015 Entertainment
20th Century Fox is celebrating Snoopy’s birthday ahead of the release of the first animated Peanuts movie SNOOPY AND CHARLIE... more

NZ's Sola Rosa Sound System heads to London - interview with Andrew Spraggon

6 Aug 2015 Entertainment By Charlotte Everett
Sola Rosa Sound System comes to London on 20 August – NZNewsUK London Editor Charlotte Everett had a chat with frontman Andrew... more

Property

Auckland house price growth stalls in July: Barfoot

5 Aug 2015 Property By Tina Morrison
  Auckland house price growth stalls in July as properties 'fully priced', Barfoot says Aug. 5 (BusinessDesk) - Auckland house... more

Site purchased for Pt Chevalier Kindergarten

31 Jul 2015 Property
New Zealand Government   Hon Nikki Kaye Associate Minister of Education   31 July 2015   Site purchased for Pt... more

Migration

NZ net migration reaches new annual record in June

21 Jul 2015 Migration By Paul McBeth
  NZ net migration reaches new annual record in June, swelled by Indian, Chinese students July 21 (BusinessDesk) - New Zealand... more

NZ migration rises to new annual record in May

22 Jun 2015 Migration By Suze Metherell
  NZ migration rises to new annual record in May, closing in on Treasury's upside scenario June 22 (BusinessDesk) - New Zealand... more

Travel

Air NZ to continue alliance with Cathay Pacific

25 Aug 2015 Travel & Tourism By Joshua Riddiford
Air NZ to continue alliance with Cathay Pacific, targets Asian tourists Aug. 25 (BusinessDesk) - Air New Zealand's has had its... more

Partnerships push New Zealand’s profile abroad

25 Aug 2015 NZ Tourism
25 August 2015 Campaigns promoting New Zealand as an outstanding visitor destination reached more than 1.2 billion people globally... more

Sport

All Blacks squad for Rugby World Cup 2015 announced

30 Aug 2015 Rugby
30 August 2015 The All Blacks squad for Rugby World Cup 2015 has been announced with the All Blacks selectors selecting a squad... more

Gold medals for Austria and Slovakia after close slalom

30 Aug 2015 Sport
Winter Games NZ Gold medals for Austria and Slovakia after close fought slalom at Audi quattro Winter Games NZ 2015 A world class... more

Columns

Gordon Campbell on the flag campaign

25 Aug 2015 Opinion
Gordon Campbell on the flag campaign So far, the public has treated the government’s flag campaign with something between... more

Gordon Campbell on Donald Trump, and Dr Dre

19 Aug 2015 Opinion
Gordon Campbell on Donald Trump, and Dr Dre   For the past few months, you, me, and Rupert Murdoch have been waiting for the... more

Kiwi Success

Former cricketer Simon Doull signs with NZME

19 Aug 2015 Appointments
Former cricketer and established broadcaster Simon Doull signs with NZME 19 August 2015 – New Zealand Media and Entertainment... more

New ECan commissioner appointed

6 Aug 2015 Appointments
Elizabeth Cunningham has been appointed as a commissioner at Environment Canterbury (ECan), Environment Minister Dr Nick Smith and... more

Recruitment

Eleven straight quarters of job growth

5 Aug 2015 Recruitment
The latest labour market data shows continued job growth, with 7,000 more people employed over the last quarter and 69,000 more New ... more

NZ unemployment rate rises to 5.9% on weaker jobs growth

5 Aug 2015 Recruitment By Paul McBeth
NZ unemployment rate rises to 5.9% as jobs growth lags behind growing population Aug. 5 (BusinessDesk) - New Zealand's jobless rate... more