Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


NZ home sales rise 20% in July; Auckland, Christchurch lead

NZ home sales rise 20% in July, led by Auckland, Christchurch: REINZ

By Hannah Lynch

Aug. 9 (BusinessDesk) - New Zealand home sales climbed 20 percent in July as the property market extended its recovery from the 2011 lows on continued strength in Auckland and Christchurch even as prices fell from June's record high.

The number of sales rose to 5,907 in July from 4,928 the same month a year earlier and were down 3.7 percent from June, the Real Estate Institute said. The national median house sale price gained 4.6 percent to $361,000, down from June's record high of $372,000.

"Buyer interest in Auckland and Christchurch remains the engine of the New Zealand residential estate market," Helen O'Sullivan, chief executive, said in a statement. "We are still seeing recovery rather than boom conditions when we compare the number of transactions in July 2012 with earlier years such as July 2003 when over 10,000 transactions were recorded."

"Buyer caution is also evident in the easing of the national median price this month and the slightly slower pace of transactions in July compared with June," she said.

Auckland and Canterbury/Westland recorded the shortest days to sell as house on 31 days. That's followed by Nelson/Marlborough on 38 days and Central Otago Lakes on 76.

REINZ said the national average median days to sell a house eased by one day to 38 from 37 days in June.

Auckland maintained its record median price of $500,000 for the third month in a row, while Christchurch hit a record median price of $335,000 for the third time since November.

“In the Auckland real estate market it seems that winter has been cancelled with strong demand right across the city, although the inability of the median price to ‘push on’ indicates that buyers are still cautious about price," O'Sullivan said.

The REINZ figures come after Quotable Value today said national property values rose 2.2 percent in the three months ended July 31 and have increased 4.6 percent over the past year, to be 0.8 percent off the market peak in 2007.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>

Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>

Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>