Wednesday, 17 August 2022
Meet the JournalistsPremiumAucklandWellingtonCanterbury/South Island
CrimePoliticsHealthEducationEnvironment and ClimateNZ Herald FocusData journalismKāhu, Māori ContentPropertyWeather
Small BusinessOpinionPersonal FinanceEconomyBusiness TravelCapital Markets
Politics
Premium SportRugbyCommonwealth GamesCricketRacingNetballBoxingLeagueFootballSuper RugbyAthleticsBasketballMotorsportTennisCyclingGolfAmerican SportsHockeyUFC
NZH Local FocusThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay of Plenty TimesHawke's Bay TodayRotorua Daily PostWhanganui ChronicleStratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu Courier
Covid-19
Te Rito
Te Rito
OneRoof PropertyCommercial Property
Open JusticeVideoPodcastsTechnologyWorldOpinion
SpyTVMoviesBooksMusicCultureSideswipeCompetitions
Fashion & BeautyFood & DrinkRoyalsRelationshipsWellbeingPets & AnimalsVivaCanvasEat WellCompetitionsRestaurants & Menus
New Zealand TravelAustralia TravelInternational Travel
Our Green FutureRuralOneRoof Property
Career AdviceCorporate News
Driven MotoringPhotos
SudokuCodecrackerCrosswordsWordsearchDaily quizzes
Classifieds
KaitaiaWhangareiDargavilleAucklandThamesTaurangaHamiltonWhakataneRotoruaTokoroaTe KuitiTaumarunuiTaupoGisborneNew PlymouthNapierHastingsDannevirkeWhanganuiPalmerston NorthLevinParaparaumuMastertonWellingtonMotuekaNelsonBlenheimWestportReeftonKaikouraGreymouthHokitikaChristchurchAshburtonTimaruWanakaOamaruQueenstownDunedinGoreInvercargill
NZ HeraldThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay Of Plenty TimesRotorua Daily PostHawke's Bay TodayWhanganui ChronicleThe Stratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu CourierVivaEat WellOneRoofDriven MotoringThe CountryPhoto SalesNZ Herald InsightsWatchMeGrabOneiHeart RadioRestaurant Hub

Advertisement

Advertise with NZME.
Business

July house sales up 20pc on last year (+graphics)

9 Aug, 2012 08:45 PM4 minutes to read
File photo / NZ Herald

File photo / NZ Herald

Herald online

House sales lifted in almost every region in the country last month, with overall volume jumping 20 per cent from a year ago, according to latest figures.

Real Estate Institute of New Zealand (REINZ) data showed there were 5,907 unconditional sales in July, a 19.9 per cent jump compared with July last year but a 3.7 per cent fall from June.

The national median house price took an $11,000 fall to $361,000, after a record high of $372,000 in June.

Almost all regions recorded increases in sales volume compared to July last year, led by Taranaki with an increase of 62.7 per cent.

Advertisement

Advertise with NZME.

Buyer interest in Auckland and Christchurch remained "the engine of the New Zealand residential real estate market", said REINZ chief executive Helen O'Sullivan.

"In the Auckland real estate market it seems that winter has been cancelled with strong demand right across the city, although the inability of the median price to 'push on' indicates that buyers are still cautious about price.

Auckland maintained a record median price of $500,000 for the third month in a row, while Christchurch rose again to $354,500, O'Sullivan said.

"We are still seeing recovery rather than boom conditions when we compare the number of transactions in July 2012 with earlier years such as July 2003 when over 10,000 transactions were recorded."

She said the easing national median price this month and slower pace of transactions in July was evidence of buyer caution.

Other data out yesterday also showed New Zealand property values extended their gains in July as homes in Auckland and Christchurch continued to appreciate amid a shortage of supply.

Related articles

Property

Property Report: Untangling the intricacies of a varied market

03 Jun 05:30 PM
Property

Property Report: Auckland and the rest - how the gap has widened

03 Jun 05:30 PM
Property

Property Report: What the industry says

03 Jun 05:30 PM
New Zealand

Auckland widens the property gap

03 Jun 05:30 PM

Government valuer Quotable Value released figures showing national property values rose 2.2 per cent in the three months ended July 31 and have increased 4.6 per cent over the past year, to be 0.8 per cent off the market peak in 2007.

Compared to July last year, house sale volumes grew by 28.2 per cent in Auckland and 23.6 per cent in Manawatu/Wanganui, according to REINZ.

Advertisement

Advertise with NZME.

Southland was the only region to record a fall in sales volume, down -5.0 per cent.

ASB economist Jane Turner said housing turnover had steadily lifted over the past year as demand had recovered.

"Factors supporting housing demand include low interest rates, gradual improvement in household incomes and improved confidence in the housing market (particularly given expectations for rising prices)," she said.

Demand would be continue to grow because of the recent turn around in net migration.

The national median house price was up 4.6 per cent compared to July last year, with the highest 12-monthly jumps from Northland (8.5 per cent), Otago (7.7 per cent), and Auckland (7.5 per cent).

The REINZ Stratified House Price Index, which adjusts for some of the variations in mix that can impact on the median price, was 5.2 per cent higher than July 2011.

In term of days it took for houses to sell, the national median fell by one day in July compared to June, from 37 to 38 days.

Advertisement

Advertise with NZME.

Compared to July 2011, the 'days to sell' improved by four days. The median days to sell has averaged 41 days across New Zealand over the last five years.

Turner said the number of days to sell was an indicator of the balance of supply and demand in the market.

"This was currently sitting around average levels. However, this national average will be masking stark regional divergences. Recent listings data show that supply on the Auckland housing market remains very low."

ANZ economist Mark Smith said that relative to sales volumes, the days to sell are at reasonably low levels, illustrating the high degree of tension in the market.

"The low inventory of properties relative to sales and low days to sell are suggestive of a shortage of suitable properties on the market, which is supporting prices.

"Our seasonally adjusted estimates show house prices up just 0.1 per cent in July, with annual house price inflation easing to 5.2 per cent."

Advertisement

Advertise with NZME.

The trend in prices is clearly up overall though, with prices rising 2.2 per cent in the three months to July.

There were 922 homes sold nationally by auction in July, making up 15.6 per cent of all sales, up from 514 sales in July 2011.

Auckland's auction sales dominated the market, representing 73.9 per cent of the national total.

Across New Zealand the total value of residential sales, including sections was $2.62 billion in July, compared to $2.81 billion in June, and $2.08 billion in July 2011.

For the 12 months ended July 2012 the total value of residential sales was $30.64 billion.

The monthly REINZ residential sales are based on actual sales reported by real estate agents.

Advertisement

Advertise with NZME.

- HERALD ONLINE

Advertisement

Advertise with NZME.

Latest from Business

Premium
Business

Why mortgage rates may have peaked despite big OCR hike

17 Aug 05:42 AM
Premium
Business

Banks stick with their NZ milk price forecasts

17 Aug 05:40 AM
Premium
Business

Māori tokenism in ads: Is it causing more harm than good?

17 Aug 05:38 AM
Premium
BusinessUpdated

Market close: Fletcher Building pulls market higher after strong result

17 Aug 05:35 AM
Premium
Business

Tourism NZ unveils $5m campaign targeting 'high quality' visitors

17 Aug 05:33 AM

Most Popular

Premium
NZ's highest paid CEO: Fletcher boss takes home $6.58m
Business

NZ's highest paid CEO: Fletcher boss takes home $6.58m

17 Aug 05:30 AM
Adrian Orr fronts media after RBNZ hikes OCR by 50bp
Business

Adrian Orr fronts media after RBNZ hikes OCR by 50bp

17 Aug 02:00 AM
'Incredibly unsettling': Police update on suitcase homicide mystery
New Zealand|CrimeUpdated

'Incredibly unsettling': Police update on suitcase homicide mystery

17 Aug 01:32 AM

Advertisement

Advertise with NZME.
About NZMEHelp & SupportContact UsSubscribe to NZ HeraldHouse Rules
Manage Your Print SubscriptionNZ Herald E-EditionAdvertise with NZMEBook Your AdPrivacy Policy
Terms of UseCompetition Terms & ConditionsSubscriptions Terms & Conditions
© Copyright 2022 NZME Publishing Limited
TOP