New Zealand Property Value On The Rise

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Monday, October 14th, 2013
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Auckland Real Estate
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New Zealand’s median house price has returned to its record high of $NZ400,000 ($A356,077), with gains in both Auckland and Canterbury.

The median sale price rose $NZ10,000 to $NZ400,000 in September, according to the Real Estate Institute of New Zealand, equalling the record reached in March.

The number of houses sold last month before restrictions on low-deposit loans (LVRs) kicked in was 6,720, up 2.6 per cent from August and up 19 per cent from the same month of 2012.

“Real estate sales volumes have been strong in the lead up to the introduction of LVR restriction by the Reserve Bank,” said REINZ chief executive Helen O’Sullivan.

“Sales volumes are ahead of what we would normally expect for this time of the year, with strong growth in sales coming through in several regional centres.”

The number of days to sell fell to 31 from 34 in August.

Regional median prices and sales volumes, compared with August:

  • Northland – $NZ299,000 (down 2.2 per cent), 183 (up 10.2 per cent)
  • Auckland – $NZ570,000 (up 1.2 per cent), 2,677 (up 3.2 per cent)
  • Waikato/Bay of Plenty – $NZ325,000 (up 1.9 per cent), 973 (up 3.8 per cent)
  • Hawkes Bay’s – $NZ268,750 (down 8.9 per cent), 198 (down 10.4 per cent)
  • Manawatu/Whanganui $NZ227,250 (down 5.7 per cent), 264 (down four per cent)
  • Taranaki – $NZ284,500 (1.9 per cent), 181 (up 15.3 per cent)
  • Wellington – $NZ390,000 (2.6 per cent), 632 (up 5.9 per cent)
  • Nelson/Marlborough – $NZ342,000 (up 6.7 per cent), 246 (up 11 per cent)
  • Canterbury/Westland – $NZ375,000 (up 2.7 per cent), 811 (down 2.9 per cent)
  • Central Otago Lakes – $419,000 (up 8.8 per cent), 94 (down 3.1 per cent)
  • Otago – $NZ245,000 (up 4.3 per cent), 229 (down 1.7 per cent)
  • Southland – $NZ189,500 (up 3.6 per cent), 145 (up 11 per cent).

 

Source: AAP
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