10 July 2012
National median house prices have reached a record high for the year to June 30, according to Real Estate Institute of New Zealand (REINZ).
The new record price of $372,000 showed a $3,000 and 3.3% increase compared with the same time last year.
These results continue the strong trend of increasing prices of New Zealand property with much of the record high being linked to interest of home buyers in the Auckland and Christchurch markets where property shortages have been evident.
According to REINZ chief executive Helen O’Sullivan, these two areas make up around half of national activity. Compared to June 2011, Auckland had a price increase of 8.5% and Canterbury/Westland 8.3%, with the month of June seeing significant rises in Wellington (6.9%) and Central Otago Lakes (11.5%). Auckland maintained the $500,000 record median price set last month.
Sales volumes were up 17.3% on the year with Canterbury/Westland recording an increase of almost 56%.
There is also an indication houses are taking less time to sell with the national median for ‘days to sell’ falling from 44 in June of last year to 37. Canterbury/Westland proved the shortest at 31 days, followed by Auckland at 32.