House sales up 7.8pc - REINZ

Photo / Dean Purcell.

The general election failed to dent September house sale volumes which rose nearly 8 per cent last month.

Real Estate Institute data just out showed there were 5911 dwelling sales in September - up 7.8 per cent on August but down 12 per cent on last September.

Last month's national median price was $420,000, the same as in August but up $20,000 compared to September last year.

Helen O'Sullivan, REINZ chief executive, said activity picked up after September 20.

"The real estate market appears to have moved on from the election, with a noticeable increase in activity over the last 10 days of the month. Despite stronger activity in the latter part of the month, sales volumes were again well down on the same time last year, meaning that sales volumes compared to last year have now fallen for 11 months in a row. The pace of price increases has eased significantly, with the annual rate of price increase now only five per cent, compared to more than ten per cent in April.

"A key theme reported by agents across the entire country is a lack of new listings. Unusually, listing levels are low even in Auckland where prices are at historically high levels, with the increased prices not tempting vendors into the market. There has been some pick up in listings in line with the start of spring, albeit not at the usual levels for this time of year. This may in part be a lag effect from the election - as with sales activity, listing interest is reported as having picked up in the last week of the September. We will be closely watching listing levels in October as a continued lack of choice is frustrating would-be buyers," she said.

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Auckland sales volumes were up 7 per cent but the city area and Rodney saw increases above 13 per cent. North Shore's median price rose from $751,500 to $773,000 from August to September and Waitakere's from $515,000 to $535,000.

The Auckland region's median rose from $614,050 to $615,000.

Read the REINZ September release here: