New Zealand residential sales hit six year high

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May 2013 saw the biggest number of residential sales in New Zealand since the same month in 2007.

A year on year increase of 7.5% saw the six year high being achieved as the national median price also increased by $1,500 compared with the previous month.

The new data from the Real Estate Institute of New Zealand shows that activity in Auckland and Canterbury is having a significant effect on the overall national situation when it comes to sales of homes.

Chief executive of REINZ, Helen O’Sullivan, said: “There are too few houses coming to market in the Auckland region, creating an imbalance between supply and demand and driving up house prices at both the regional and national level.

“The number of residential properties available for sale is falling back to levels last seen when house prices fell in 2008/2009.

“As we know the level of new builds is well below trend, making little impact on the available stock of residential properties for sale,” she explained.

The REINZ data recorded 7,714 unconditional residential sales in May which was an increase of 8.6% compared with April 2013. Nine regions recorded increases in sales volume with Northland, Waikato/Bay of Plenty and Otago topping the list.

The largest increase in median price was recorded in Auckland, and Canterbury had the third largest. In tandem both of these regions accounted for 82% of the $23,000 increase in the national median between May 2012 and May 2013.

Ms O’Sullivan commented: “We would normally expect the number of listings to increase more rapidly coming out of a downturn, but as yet, this does not appear to be happening.

“While buyers are actively seeking properties, it appears that existing owners are not being motivated to sell by the increase in prices that have occurred across the Auckland region.”

If you are thinking of buying a property in New Zealand, you will inevitably need to send money abroad online. Make sure you compare the exchange rates offered by specialist currency dealers with those available from the high street banks, as they are often far better value.

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