NZ house sales gain in August
Mon, 10 Sep 2012 3:04p.m.
New Zealand home sales rose 16 percent in August as the property market recovered from 2011's lows on continued strength in the Auckland and Christchurch markets.
The number of sales increased by 843 to 6035 in August compared to the same month a year earlier, the Real Estate Institute of New Zealand (REINZ) said.
The increase was led by an 18.4 percent increase in the number of auctions to 588, a new record for the month.
The national medium house sale price gained 2.5 percent to $370,000 compared to July and is up 4.2 percent on August last year.
Auckland's medium house price reached a new record, rising 1.1 percent to $505,500.
The Canterbury region also reached a new record, with the median house price rising to $345,000 from $325,000 a year earlier.
"House buyers in Auckland are increasingly driving the New Zealand real estate market with a widening gap opening up between the dynamics of the Auckland market and the rest of the country," REINZ chief executive Helen O'Sullivan said.
"Across the rest of the country while we are continuing to see rising sales volumes, prices continue to reflect the general caution around the economic outlook," she said.
The total value of residential sales across the country was $2.79 billion, compared to $2.62 billion in July and $2.18 billion in August 2011.
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