NZ house prices reach new median high
Tue, 10 Jul 2012 10:49a.m.
New Zealand house sales rose and the median price reached a new record high in June on the continued strength of the Auckland and Christchurch property markets, according to Real Estate Institute figures.
The number of sales rose 17.3 percent to 6,135 in June, compared to the same month a year ago.
The national median sale price rose by 3.3 per cent to $372,000, which is $2,000 above the previous record set in March.
Auckland maintained its record $500,000 median sale price set last month.
"Keen buyer interest in Auckland and Christchurch - which together make up about half of national activity - drove the New Zealand real estate market to new highs in June and a new record median price," chief executive Helen O'Sullivan said.
"The overall pattern for the rest of New Zealand shows improvement in sales volumes, with prices on the whole steady rather than up."
There was a shortage of properties for sale across the country to meet buyer demand, she said.
"This is most acute in Auckland, where new home building is still sluggish, and in Christchurch where the earthquake recovery is slowly getting under way."
Ms O'Sullivan warned that the market's apparent strength is still far off the boom years in the mid to late noughties.
"Buyers and sellers lost confidence during the global financial crisis and in that context the current market should be seen as recovering rather than booming," she said.
The number of sales in Auckland climbed 15.7 percent compared to a year earlier, while the median sale price rose 8.5 percent. Canterbury sales surged 56 percent and the median price rose 8.3 percent.
Waikato/Bay of Plenty bucked the trend with sales falling 6.2 percent, while Manawatu/Wanganui sales were down 8.5 percent.
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10/07/2012 11:22:03 a.m.
Well if EQC will offer me the $7k they said they would to repair the interior of my 7 bedroom home I shall make it available for new occupants. It's ridiculous me living here all by myself when there are others living in cars and garages in ChCh.
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