18 January 2012 - Provided by Real Estate Institute of New Zealand Inc
Real Estate Institute of New Zealand (REINZ) data on the New Zealand housing market for December 2011 showed 5,316 unconditional sales for the month, up 919 sales (+20.1%) compared to December last year. The December transactions figure is the best December result since 2007. The national median house price eased by $12,500 to $355,000 (-3.4%) in December compared to November and is up just $3,000 (+0.9%) compared with December 2010.
All regions, with the exception of Central Otago Lakes, recorded a decline in sales volumes during December compared to November. However, on a seasonally adjusted basis (which takes into account seasonal events such as Christmas), the national total was up 5.6% and all but one region recorded an increase in sales volumes. Auckland recorded its strongest December sales volumes since 2006, with six regions (Waikato/Bay of Plenty, Manawatu/Wanganui, Taranaki, Nelson/Marlborough, Canterbury/Westland and Otago) recording their strongest December sales since 2007. Only two regions (Hawkes Bay and Wellington) had lower sales volumes than December 2010.
For the month of December, Central Otago Lakes recorded the highest lift in prices for the month (+7.4%), followed by Taranaki (+4.6%) and Wellington (+1.0%). Compared to December 2010, Central Otago Lakes also recorded the highest lift in prices (+8.7%), followed by Canterbury/Westland (+6.6%) and Auckland (+6.5%).
“December has been a strong month for real estate sales in New Zealand, with this being the strongest level of transaction figures in December since 2007, and Auckland having its strongest December since 2006”, said REINZ Chief Executive Helen O’Sullivan. “Across the country sales volume is up by over 20% compared to December last year with some regions such as Manawatu/Wanganui and Taranaki reporting increases of more than 40%.“
“While the number of transactions is rising, prices have eased back from last month’s record highs, with some exceptions in parts of Auckland and the Canterbury/Westland region.”
The national median ‘days to sell’ remained steady 35 days in December, and is a four day improvement on the 39 days recorded in December 2010. Over the past five years the median days to sell has averaged 41 days across New Zealand.
Canterbury/Westland recorded the shortest days to sell at 29 days (-2 days), followed by Southland with 30 days (-10 days), Auckland with 31 days (-2 days) and Otago also with 31 days (+1 day). Hawkes Bay recorded the longest number of days to sell at 61 days (+18 days), followed by Central Otago Lakes at 59 days (-8 days) and Northland at 54 days (+1 day.)
For the full report from REINZ please select here: 18 January 2012, (.pdf Format; 217Kb)
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