New Zealand Property Investors' Federation
The NZPIF is the umbrella body for 17 local Property Investors' Associations throughout New Zealand.
Landlords.co.nz
New record median prices were reported in Auckland and Canterbury/Westland last month, as the national median returned to its March high of $400,000, the latest Real Estate Institute figures show.
It said there were 6720 sales in September, up 18.9% on the same time last year and up 2.6% compared to August. The national median price increased $10,000 compared to August to return to March's record high. It was up $29,000 on September 2012.
Chief executive Helen O’Sullivan said: “Real estate sales volumes have been strong in the lead-up to the introduction of LVR restrictions by the Reserve Bank, with sales up over 19% compared to September last year.“
She said the sales volumes were higher than would normally be expected in September, and strong growth was happening in the regions. “Northland is experiencing a very strong uplift in its sales volume trend, with Taranaki and Nelson/Marlborough also showing positive trends in sales volume and price, although these three regions remain some way behind Auckland and Canterbury/Westland in terms of pure price movements. Waikato/Bay of Plenty is also seeing a noticeable uplift in sales volumes.”
But she said price rises were not evenly distributed across the country. “Auckland’s median price has increased by $120,000 (+26.7%) since the end of the previous price cycle in November 2007, and Canterbury/Westland’s median price has increased $61,000 (19.4%). However, for the rest of New Zealand combined, the median price has actually fallen $3000 (-1.1%) over the same time period.”
All but two regions recorded increases in sales volume compared to September last year, with Taranaki recording an increase of 50.8%, followed by Northland with 28.0% and Southland with 23.9%. Seven regions recorded an increase in sales volume in September compared to August, with Taranaki recording an increase of 15.3%, followed by Nelson/Marlborough with an increase of 10.8% and Southland with an increase of 10.7%.
The REINZ Stratified Housing Price Index, which adjusts for some of the variations in the mix that can impact on the median price, reached a new high in September and is 9.8% higher than September 2012. The Auckland Index has risen 17.5% compared to September 2012, with the Christchurch Index up 11.4% and the Wellington Index up 0.6%.
Houses took three days fewer to sell in September compared to August, improving from 34 days in August to 31 days in September; the shortest number of days to sell in September since 2006.
Source: Landlords.co.nz
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