NZ house prices hit new median high in June 10 Jul 2012
- MARKET CLOSE: NZX 50 falls, led by Sky TV on football rival Business
- Wynyard shares to list near bottom of range, at $1.15 Business
- Online start-up seeks rapid uptake of English football Business
- NZ dollar almost unchanged as traders await Fed Business
- RBNZ eyes holes in payment system supervision Business
- MPs privilege vital against Hanover-style suits, Parker says Business
- Energy Mad sells stake in Chinese JV factory for $1.7M Business
- AMP Capital NZ lifts FY fee income by 34% on Axa inflows Business
- NZ current account gap narrows as expected on dairy exports Business
- NZ dollar jumps to 3-wk high vs. Aussie after RBA minutes Business
New Zealand house sales rose and the median price reached a new record high in June on the continued strength of the Auckland and Christchurch property markets, according to Real Estate Institute figures.
The number of sales rose 17.3 percent to 6,135 in June, compared to the same month a year ago. The national median sale price rose by 3.3 percent to $372,000, which is $2,000 above the previous record set in March.
Auckland maintained its record $500,000 medium sale price set last month.
The REINZ stratified house price, which irons out peaks and troughs in pricing information, rose 5.3 percent to 3,400.8 from a year earlier.
“Keen buyer interest in Auckland and Christchurch – which together make up about half of national activity – drove the New Zealand real estate market to new highs in June and a new record median price,” Helen O’Sullivan, chief executive, said in a statement. “The overall pattern for the rest of New Zealand shows improvement in sales volumes, with prices on the whole steady rather than up."
"The constraint across the country appears to be shortage of properties available to meet buyer demand," O'Sullivan said. "This is most acute in Auckland, where new home building is still sluggish, and in Christchurch where the earthquake recovery is slowly getting under way.”
O'Sullivan warned that the market’s apparent strength is still far off the boom years in the mid to late noughties.
“Buyers and sellers lost confidence during the global financial crisis and in that context the current market should be seen as recovering rather than booming,” she said.
The number of sales in Auckland climbed 15.7 compared to a year earlier, while the medium sale price rose 8.5 percent. Canterbury sales surged 56 percent and the medium price rose 8.3 percent.
Waikato/Bay of Plenty bucked the trend with sales falling 6.2 percent, while Manawatu/Wanganui sales were down 8.5 percent.
REINZ said the national median time to sell improved by one day to 37 in June, compared to May. That's up by seven days on the same month a year earlier.
Over the past five years the median days to sell has average at 41 days across New Zealand.
Last week, Barfoot & Thompson, which sells about one in three Auckland residential properties, said the Auckland housing market had its strongest June in five years, with the average sale price hitting a record-high.
19 Jun 2013 News
New Zealand Government Hon Chris TremainMinister of Internal Affairs 19 June 2013 Package of reforms planned for Class... more
19 Jun 2013 Business News
Article - BusinessDesk Dairy product prices halt slide in GDT auction, rise 1.1% June 19 (BusinessDesk) - Prices of dairy ... more
19 Jun 2013 Business News
Article - BusinessDesk AMP Capital NZ lifts FY fee income by 34% on Axa inflows, stronger markets June 18 (BusinessDesk)... more
19 Jun 2013 Entertainment
NZ Music Commission Outward Sound Recipients Round 2 2013 Outward Sound is pleased to announce the 2nd round of grant recipients for... more
19 Jun 2013 Property
Call to ban foreign buyers or impose tax on top of property sale price. Australians are contributing to New Zealand's skyrocketing... more
18 Jun 2013 Migration
David Blaker says the predicted 'extra million' residents by 2030 is highly exaggerated. Debate over Auckland's future has presented... more
19 Jun 2013 Travel & Tourism
Air New Zealand’s Premium Economy Class has taken top honours overnight at the prestigious 2013 Skytrax World... more
Travelers Down Under Have More Freedom to Explore the South Pacific with the Air New Zealand Explorer Pass
18 Jun 2013 Travel & Tourism
19 Jun 2013 Rugby
British and Irish Lions wing more
14 Jun 2013 Opinion
Column - Gordon Campbell Gordon Campbell on why everyone has a stake in surveillance reduction In a week dominated by... more
12 Jun 2013 Column
Before I became Editor for NZNewsUK, I had the fantastic opportunity as the Location Coordinator for the Hollywood Blockbuster movie,... more
16 Jun 2013 People
The composer who wrote music for the royal wedding has written a lullaby for the Duke and Duchess of Cambridge's baby, to be sung by... more
19 Jun 2013 Recruitment
A variety of factors mean Auckland and Christchurch will be the hubs of economic growth over the next few years