New Zealand sales surge through high demand

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The Real Estate Institute of New Zealand has reported growth in the domestic home property market fuelled by “robust” demand.

The national median house price in New Zealand reached a new record of $389,000 at the end of 2012 after November had seen sales 24% higher than in the same month of 2011.

The overall growth in the residential property market during 2012 saw sales at their highest level since 2007 with the total number up by 21%.

It isn’t just the capital Auckland, where demand continues to outstrip supply, that is responsible for the surge. Other parts of the country are also seeing increased activity.

In all, eight regions recorded increases in sales volume compared to December of the previous year. Northland topped the table with an increase of 37.2%, followed by Auckland with 18.7% and Central Otago Lakes with 18.4%.

Canterbury/Westland’s median house price moved up 1.7% to set a new record median price of $351,000 whilst Nelson/Marlborough saw largest price rises with an increase of 8.3%, with Central Otago Lakes coming in second at 5.9% and Taranaki third with 5.4%.

Previous market highs were set in the period from 2003-2006 and the strong figures from 2012 show no signs of slowing down for the short term future.

Part of the driving force behind the increases has been the growth in auction sales which have increased by more than two thirds compared to the previous twelve month period. In Auckland itself nearly 40% of all residential property sales took place in this way.

The rest of the country saw auction sales hit one in five sales during November, and unlike some countries where depressed markets use auctions as a way to offload surplus stock at rock bottom prices, in New Zealand’s high demand market most properties that sell by auction achieve higher prices and sell faster than other properties.

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