May house sales hit six-year high

NZ Herald reports — 

May saw the best month for house sales in the past six years, according to monthly property stats released today by the Real Estate Institute.

Median house prices in Auckland, Canterbury and other parts of New Zealand including Westland, Nelson and Marlborough rose to a record last month also.

The median price in Auckland rose to $565,000 from $555,000 in April, the biggest gain of any region. Auckland prices also rose 2 percent to a new record high based on the REINZ Stratified Median Housing Price Index, the Reserve Bank’s preferred measure that strips out distortions in the data.

The figures were released as both Housing Minister Nick Smith and Auckland Council appear before the parliament’s social services select committee, which is considering a bill that would free up land for housing in New Zealand’s biggest city, which currently lags behind demand and has fanned prices.

Continue reading at NZ Herald

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