The average time it takes to sell a residential property in New Zealand fell sharply in July, compared to the corresponding month in 2008, acting as a further indicator that the New Zealand property market is on the mend.
Fresh data released by a leading New Zealand mortgage company shows that their property cycle indicator increased to an optimistic 5.95 last month, up from 3.98 in June.
The New Zealand house market gauge takes into account changes in the number of New Zealand homes sold, changes in New Zealand property prices and the time taken for New Zealand properties to sell. It runs from -10 for a strong decline to +10 for strong growth.
The average property in New Zealand took an average of 37 days to sell in July, a staggering 21 days lower than the same time last year, and the greatest year-on-year improvement since records began in 1991.
Around 6,000 homes in New Zealand were sold in July, a similar number to that recorded in June, but up 34% year-on-year.
The average price of a home in New Zealand also held steady at $340,000 (Â£142,300) in July, which is similar to that recorded during the same period last year.