November recorded the strongest monthly residential property sales volume in five years, Real Estate statistics show.
Sales were up 25% on the same time last year and the national median house price reached a new record of $383,250, which is 4.3% up on November last year.
Auckland’s median house price increased by 1.9% compared to October, to $540,000.
For the month of November, Northland recorded the highest lift in prices in the country, with an increase of 10.8%, followed by Otago with 7.5%, and Hawkes Bay with 6.4%. But compared to November 2011, Auckland recorded the highest lift in prices with an increase of 10.2%, followed by Wellington with 5.7% and Central Otago Lakes with 4.9%.
More than a quarter of sales nationwide in November were at auction. In Auckland, 38% of houses that sold did so under the hammer.
REINZ chief executive Helen O’Sullivan said listings weren’t keeping pace with demand, especially in Auckland.
She said the heat from Auckland’s market was spreading into other parts of the country.
“The activity in the Auckland market is now starting to see some spill over into other parts of the country, with increased buyer activity, although there are some remaining markets which are yet to see this effect. The lift in national sales volume to a five-year high and the new record medians in Auckland and Otago is 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.”
She said auctions were becoming popular as people realised that houses sold at auction got higher prices and sold faster.
There were 7454 unconditional sales nationwide in November, 1446 more than the same time last year.
All regions recorded increases in sales volume compared to November last year, with Central Otago Lakes recording an increase of 45.9%, followed by Otago with 38.7% and Auckland with 28.9%. All regions, apart from Hawkes Bay, recorded increases in sales volume in November compared to October, with Otago recording a 36.6% increase followed by Manawatu/Wanganui with a 19.4% increase and Central Otago Lakes with an 18.1% increase.