Auckland house prices have hit a new high and national sales volumes rose 11.8 per cent last month in a big spring resurgence.
Real Estate Institute data just released showed Auckland's median price reached a new record of $640,500 which is $3500 above the previous high set in March.
Nationally, 6608 dwellings were sold in October.
Helen O'Sullivan, REINZ's outgoing chief executive said activity levels were once again high.
"There has been a noticeable increase in the level of activity in the real estate market in October, with sales up almost 12 per cent compared to September, and down only 2.4 per cent compared to October last year. Activity has increased across the country, with the largest monthly sales increases in the South Island. We have also seen an increase in listings across most of the country, although in many places the number of listings remains below that of previous years," she said.
Auckland's median price rose 10.1 per cent or $58,500 from October last year to last month. Prices were up in Manukau, Auckland and Waitakere cities. The region's median price rose $25,500 (+4.1 per cent) from September to October, with Waitakere and Manukau cities recording the largest median price increases.
Auckland's median days to sell remained steady at 31 days between September and October. Compared to October last year, the number of days to sell eased by two days. Over the past 10 years the number of days to sell in October has averaged 32 days in the Auckland region.
O'Sullivan said volumes were up from September, mainly in the northern and outer parts of Auckland, while almost all of Metropolitan Auckland was significantly down on October 2013 volumes. The number of listings has increased, she said.
Auckland dominated the auction market in October, representing 65.1 per cent of the national total of auction sales. 36.3 per cent of all dwelling sales in Auckland were by auction in October 2014, compared to 43.0 per cent of all dwelling sales in Auckland in October 2013.