25 July 2012
A report by realestate.co.nz has revealed record New Zealand house prices in June. A stratified median price of $383,095 translates to a 5% increase from the same time a year ago.
The latest Property Pulse report also revealed inventory of less than 30 weeks, down 24% on the previous year and at a four-year low.
Chief executive Alistair Helm said the low inventory is a continuing continued to favour suppliers.
“The current level of unsold properties on the market represents a very clear sellers’ market, well below the long-term average of 41 weeks of equivalent sales.”
The 6,135 sales nationwide represent a 17% increase from June 2011 with 10,794 new listings down on the May total of 11,544 but up 18% from the same time last year.
The June yearly comparison showed a boost for Auckland sales (+17% to 2,749) and stratified mean house price (+7% to $529,200), with inventory (-31% to 18.1 weeks) indicative of the city’s supply shortage. This was even more evident for Canterbury who had a 57% increase in sales, 9% increase in median house price and a 49% decrease in inventory.
Many other main areas provided similar conclusions with Wellington, Hamilton, Queenstown Lakes and Otago all experiencing increases in sales and median prices as well as decreases in inventory.
According to the report, Auckland has experienced strong growth over the past 18 months while other regions had experienced steady growth.