REINZ: house prices and sales volumes show Spring growth

REINZ: house prices and sales volumes show Spring growth

- Median house prices and sales volumes have grown across New Zealand during November
- The national median sale price reached a new record of $520,000
- 10 of 12 regions in New Zealand hit new record high median sale prices in November 2016 - only Auckland and Central Otago Lakes did not post new record median prices.

- The number of sales for November 2016 was 7,576, an increase of 13% on October. Sales volumes fell 6% compared to November 2015. On a seasonally adjusted basis sales for November fell less than 1%.

Real Estate Institute of New Zealand (REINZ) spokesperson Bryan Thomson says: “Sales volumes and prices have recovered in November. For the first time, our map has been dark blue across the entire country, depicting strong year-on-year price growth or record prices in every region, and double-digit growth across the entire North Island. The nationwide median price has also hit a new high.

“Auckland prices eased back in November after hitting a record high in October. However, the underlying trend of Auckland prices remains steadily upward, rising by $269,944 at a compound annual growth rate of 13.2% since the introduction of the first set of LVR rules in October 2013. Over the past year, the median house price in Auckland has risen by $86,944. Outside Auckland, the median price has increased by $83,800 since October 2013, at a compound annual growth rate of 7.6%.

“Sales volumes are also up 13% on October across New Zealand, with some parts of the country seeing solid volume growth month-on-month, including Manawatu/Wanganui (30%), Northland (22%), Waikato/ Bay of Plenty (19%), and Hawke’s Bay (24%). Despite the earthquakes, sales volumes and median prices also rose in Nelson/Marlborough and Canterbury/Westland. Wellington volumes declined by 1% on October, although the median price in the region hit $500,000 for the first time.”

http://img.scoop.co.nz/media/pdfs/1612/REINZ_Residential_Regional_Commentary__November_2016.pdf

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