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Published on December 14th, 2012 | by john.weir

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House prices up in New Zealand

House prices and sales volumes have risen throughout New Zealand in the last year, according to the latest figures.

Sales across the country are up almost 25 per cent since November last year and median prices are at a record high of $383,250, up 4.3 per cent on November 2011 says the latest report from the Real Estate Institute of New Zealand (REINZ).

Their findings also revealed that Auckland’s median house price rose 1.9 per cent over October to a new record median price of $540,000. This is up 10.2 per cent on last year. The Otago region also recorded a new record median price of $258,000, up $18,000 (7.5 per cent) on October. However, demand was beginning to outstrip supply in many of the more popular areas.

Chief Executive of the Helen O’Sullivan comments: “The lift in national sales volume to a five-year high and the new record medians in Auckland and Otago are indicative of the real estate market gaining in confidence.  Volumes remain well below the previous market highs set in the period from 2003 – 2006, indicating that tight supply remains the key factor behind increasing prices.”

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