Property shortages are continuing to push up property prices,
and sales have reached near record levels in some areas.
Figures from the Real Estate Institute of New Zealand
released today show the rate of growth in the industry last
month pushed up the national median house price by $12,000 to
The figure is $7000 below the record set last December.
Last month 6632 houses sold; 464 more than the same time last
Housing shortages in Auckland and Christchurch have resulted
in double digit price increases and a median selling time of
about 33 days, said REINZ chief executive Helen O'Sullivan.
During the past 10 years, the median time to sell has been
about 43 days.
"Across the rest of the country activity is more modest,
which is reflected in smaller increases in regional median
"The continuing reduction in the number of days to sell
between this year and last year is also indicative of more
buyer pressure in markets across the country," she said.
Across the rest of the country activity is more modest which
is reflected in smaller increases in regional median prices.
Northland recorded the biggest jump in media house price (18
percent), followed by Auckland (14 percent), and Central
Otago Lakes (14 percent).
The number of houses sold was in line with seasonal trends.
Canterbury/Westland recorded a new record high median of
Almost every region recorded increases in sales volume
compared to February last year, leading with Northland (29
percent), followed by Auckland (16 percent) and Wellington
Of the 1238 properties sold by auction last month, 72 percent
were in Auckland.
While the residential market remains active, the number of
sales is starting to slow, said Ms O'Sullivan.