NZ house sales, prices rise in May 12 Jun 2012
- NZ export log prices rise, domestic market strong Business
- Evolve lifts 1H profit 11% Business
- James Hardie class action begins in Auckland Business
- NZ retail sales rise 0.9% in third quarter Business
- Blis Technologies posts positive first-half earnings Business
- Vital Healthcare pays A$24M for Melbourne medical centre Business
- Metro Glass lifts 1H profit 5% on strong local construction Business
- Restaurant Brands raises $94 million for Hawaiian business Business
- NZ dollar falls below 70 US cents Business
- World Week Ahead: Fed minutes, OPEC 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.
3 Dec 2016 Arts
60s New Zealand music Icon Ray Columbus has passed away peacefully at his home north of Auckland today after a four year battle with... more
21 Nov 2016 News
New Zealand Government Hon Amy Adams Minister of Justice 21 November 2016 Justice Minister Amy Adams has wished Netsafe well as it ... more
21 Nov 2016 Business News
Article - BusinessDesk Monday 21 November 2016 08:50 AM Key crowns APEC summit with China free-trade upgrade By Pattrick Smellie in ... more
21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES
14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more
11 Nov 2016 Property
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more
1 Nov 2016 Migration
New Zealand Government Hon Paul GoldsmithMinister of Commerce and Consumer Affairs 1 November 2016 Changes to Financial Markets... more
2 Dec 2016 Travel & Tourism
Air New Zealand has paired up with singer Ronan Keating and rising Kiwi actor Julian Dennison to rejig a Christmas classic. 'Summer... more
3 Dec 2016 Rugby
3 Dec 2016 Rugby
New Zealand's women claim top prize in DubaiAustralia and New Zealand played out yet another thrilling final in Dubai as the Black... more
11 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more
10 Nov 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the US election outcome more
11 Nov 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 11 November 2016 Acting District Court Judge appointed Wellington... more
2 Nov 2016 Recruitment
Article - BusinessDesk Tuesday 01 November 2016 04:42 PM Fisher Funds hunts for new head to replace founder Carmel Fisher By Paul ... more