House Prices Continue To Move Up

House sales jump 16% in August – Auckland, Christchurch lead
Hannah Lynch
Monday September 10, 2012

BUSINESSDESK: New Zealand home sales climbed 16% in August as the property market recovers from 2011′s lows on the continued strength of the Auckland and Christchurch property markets.

The number of sales rose by 843 to 6,035 in August compared to the same month a year earlier and was up 2.2% on July. The increase was led by an 18.4% increase in the number of auctions to 588, a new record for the month.

The national median house sale price gained 2.5% to $370,000 compared to July and is up 4.2% on August last year.

Auckland’s median house price reached a new record, rising 1.1% to $505,500. The Canterbury region also reached a new record, with the median 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,” Real Estate Institute chief executive Helen O’Sullivan says.


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