November property sales up 17%

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Press Release – REINZ
The number of properties sold in November across New Zealand increased 17.8% from the previous month – the largest October to November increase seen in 6 years according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

The number of properties sold in New Zealand excluding Auckland increased 19.4% month-on-month and in Auckland it increased 13.9% month-on-month.

All regions, except the West Coast, saw sales volume increase in comparison to October.

Bindi Norwell, Chief Executive at REINZ says: “There was a 17.8% increase in the properties sold in New Zealand from October to November – this is the largest October to November increase we’ve seen in six years. After taking into account seasonal adjustment, that increase is 4.5%. While there was a significant increase in properties sold, November traditionally sees a robust increase, although the change in November compared to last month was stronger than we would have expected based on past data.

“After a difficult winter and a slow start to spring, the real estate industry has experienced a lift in optimism and activity, with increases in the properties sold in 15 out of 16 regions across the country when compared to the previous month,” continues Norwell.

Regions with the biggest increase in November compared to the previous month were:

• Nelson – up 34.7% – this represents the highest number of properties sold in a month for 2017, whereas most regions experienced their highest in Q1 2017

• Canterbury – 33.8% – this is the highest number of properties sold for the month of November for the region in 10 years

• Otago – up 32.3%

• Manawatu/Wanganui – up 25.2%

• Tasman – up 23.1%.

Gisborne and Hawke’s Bay (up 15.1% and 17.8% respectively) also saw the highest number of properties sold for the month of November for 10 years.

Record median price for NZ ex Auckland and 7 regions. Prices up in 15/16 regions year-on-year

Median prices across New Zealand rose 1.9% in November to $540,000 – up from $530,000 in October 2017 and median prices for New Zealand excluding Auckland rose 2.3% in November to a record $450,000 (up from $440,000 in October) – year-on-year saw a price increase of 3.8% and 8.4% respectively.

Auckland’s median price increased 3.8% to $880,000 – up from $848,149 in October and 0.6% year-on-year. Auckland’s median price has now increased by $50,000 over the last 4 months.

Seven regions saw record prices in November:

• Wellington – up 6.8% month-on-month to $549,777 (up 8.7% year-on-year)……….

Continue reading this article at the original source from Scoop Wellington

 

 

 

 

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2017-12-19T10:56:58+00:00