Property sales in NZ hit six-year high

House sales in New Zealand hit a six-year monthly high in April, new figures show.

The latest figures from the Real Estate Institute of New Zealand show that there were 7,104 residential property sales made in April, a 25 per cent rise on the same month of 2012 and the highest April sales number since 2007.

New Zealand Properties

New Zealand Properties

However, April sales actually fell by 12.6 per cent compared with March, although four regions did still record an increase in sales volume last month.

Meanwhile, the national median property price declined 2.4 per cent to NZ$390,500 last month. House prices had reached a new record high of NZ$400,000 in March (higher depending on the source used), but despite the monthly slip the REINZ says that average house prices are still 7 per cent higher than they were in April 2012.

The regions of Auckland and Canterbury continue to be the dominant forces in the country’s property market, accounting for 92 per cent of the increase in the national median price recorded over the past 12 months.

REINZ chief executive Helen O’Sullivan said that April was notable for the surge in prices and sales of mid-level homes in many parts of the country. “Several regions appear to be benefiting from the tail-wind generated by the strength of house prices in Auckland and Christchurch,” she said.

Of the residential properties sold last month, more than 50 per cent sold for under NZ$400,000, while a further 25 per cent sold for between NZ$400,000 and NZ$599,000.

Related Articles

Kiwi house price growth reaches five-year high (10th April 2013)