Archive | REINZ

Median house price up a bit in Auckland, up a lot in regions

The Real Estate Institute said today the median house price for Auckland was higher this August than last – the first time in 6 months the 2018 price has been higher.

The Auckland median was $852,000, up 1.4% on the $840,000 for August 2017. However, the old North Shore City’s median fell 14.6% to $915,000, the lowest it’s been since January 2016.

The national median was up 3.6%, and for New Zealand excluding Auckland it was up 6.2%.

The median fell in only 2 regions – Canterbury down 0.5% to $425,000, Southland 4% to $240,000.

5 regions experienced large jumps in the median, 3 to new records, 2 equalling the record:

  • Gisborne, up 42.6% to $335,000
  • Tasman, up 24.2% to $615,000
  • Manawatu/Wanganui, up 10.5% to $315,000
  • Hawke’s Bay, up 9.9% to $445,000, equalling March 2018
  • Waikato, up 9.4% to $525,000, equalling June 2018.

The breakdown of sales in price brackets and their share of the market in August 2018 & August 2017 (in brackets):

$1 million-plus: 819 (802), 13.2% (13.3%)
$750-999,999: 913 (809), 14.7% (13.4%)
$500-749,999: 1752 (1647), 28.2% (27.3%)
Under $500,000: 2732 (2770), 44.0% (46.0%)
Total sales: 6216 (6028)

National & Auckland median prices & volumes on old council boundaries for August 2018 and, in brackets, July 2018 & August 2017:

National: $549,000 ($550,000, $530,000), 6216 (6028)
NZ ex-Auckland: $455,000 ($457,500, $428,000), 4424 (4191)
Auckland City: $930,000 ($867,000, $950,000), 577 (568, 549)
Franklin: $685,000 ($675,000, $715,000), 73 (98, 84)
Manukau: $870,000 ($830,000, $790,000), 383 (329, 406)
North Shore: $915,000 ($985,000, $1,072,000), 298 (277, 292)
Papakura: $675,000 ($665,000, $675,000), 78 (86, 94)
Rodney: $895,000 ($865,000, $890,000), 142 (153, 132)
Waitakere: $800,000 ($772,500, $760,888), 241 (255, 280)

Auckland region: $852,000 ($830,000, $840,000), 1792 (1766, 1837)

Attribution: Institute release.

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House prices up outside Auckland again, down marginally in Auckland

The house sale price trend continued in July: Auckland down slightly, rest of the country well up, so an increase nationally.

The Real Estate Institute said today Auckland’s median price fall from July last year was $1000, or 0.1%, to $835,000.

The increase in the rest of the country was 8.6%, from $419,000 to $455,000, and the national median rose 6.2%, to $550,000.

The median hit records in 4 regions: 

  • Northland, up 5.7% to $481,000
  • Taranaki, up 15.4% to $375,000
  • Nelson, up 15.2% to $547,000, and
  • Marlborough, up 13.4% to $453,500.

Institute chief executive Bindi Norwell said today the shortage of properties available continued to push prices up in all regions except Auckland.

“Auckland continues on its steady trajectory, with only minor changes in median price each month. Delving into the Auckland region in greater detail highlights that Auckland & North Shore cities [the institute continues to gauge the market on the boundaries of the councils that were turned into the super-city in 2010] saw median price decreases of 1.6% & 1.3% respectively to $892,000 & $985,000. However, Waitakere City saw a median increase of 4.6% to $774,000, highlighting the popularity of this more affordable part of Auckland.”

House sales rose nationally by just 42 (0.7%) in July, from 5619 last July to 5661. Outside Auckland, the rise was just 7 (0.2%), from 3942 to 3949. In Auckland, the rise was 35 (2.1%), from 1677 to 1712.

The institute’s national house price index rose 4.9% from a year ago to a new high of 2722. Outside Auckland it rose 8% to a new high of 2589. In Auckland, it was unchanged from June and up 1.6% on last July at 2883.

Auctions were used in 11.5% of all sales in July and 649 homes sold under the hammer, down from 13.5% (760) sold by auction last July.

Auctions fell from 24% of Auckland sales in July 2017 (408 homes) to 21% (357).

The number of properties available for sale nationally fell by 3.8%, from 22,123 to 21,288, the lowest level since last July.

Auckland’s inventory fell 2.6%, from 8019 to 7810, the lowest level for 10 months.

The breakdown of sales in price brackets and their share of the market in July 2018 & July 2017 (in brackets):

$1 million-plus: 737 (729), 13.0% both months
$750-999,999:  807 (687), 14.3% (12.2%)
$500-749,999:  1715 (30.3%), 1516 (27.0%)
Under $500,000: 2402 (42.4%), 2687 (47.8%)
Total sales: 5661 (5619)

Auckland median prices & volumes on old council boundaries for July 2018 and, in brackets, June 2018 & July 2017:

Auckland City: $892,000 ($988,000, $906,500), 548 (638, 564)
Franklin: $675,000 ($675,000, $665,000), 97 (76, 70)
Manukau: $832,000 ($810,000, $820,000), 312 (359, 315)
North Shore: $985,000 ($1,016,000, $998,000), 274 (282, 268)
Papakura: $667,500 ($640,000, $650,000), 81 (66, 90)
Rodney: $873,000 ($876,500, $850,000), 147 (154, 131)
Waitakere: $774,000 ($765,000, $739,900), 253 (285, 239)
Auckland region: $835,000 ($850,000, $836,000), 1712 (1860, 1677)

Attribution: Institute release.

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$1 million-plus home sales dip in Auckland, up elsewhere

Million dollar home sales in Auckland dipped by 1.9% in the first half of 2018 compared to the first 6 months of 2017, but jumped by 28% around the rest of the country.

As Auckland dominates the national trade in expensive homes, the net result for the country was a 4.2% increase.

The Real Estate Institute released the figures yesterday in its million dollar price report, which counts sales in 3 price brackets – over $1 million, over $3 million & over $5 million. The institute said the 5438 $1 million-plus sales over 6 months was still well below the record, 5867 in the second half of 2016.

Institute chief executive Bindi Norwell said it was “great to see confidence at the top end of the market. These figures, particularly outside of Auckland, highlight some of the buoyancy we’re seeing around the country.

“As land prices continue to hold up around the country and Aucklanders continue to take their search to the regions for a more relaxed & affordable lifestyle, it’s likely we may continue to see the number of million dollar-plus properties continuing to increase in the future.”

Million dollar-plus residential properties sold in NZ, first half of 2018 (first half 2017 in brackets) & percentage change:

$1 million+:
Auckland: 4075 (4154), -1.9%
NZ ex-Auckland: 1363 (1066), 27.9%
NZ: 5438 (5220), 4.2%

$3 million+:
Auckland: 194 (212)
NZ ex-Auckland: 29 (25)
NZ: 223 (237)

$5 million+:
Auckland: 41 (50)
NZ ex-Auckland: 5 (5)
NZ: 46 (55)

Attribution: Institute release.

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House market inventories & sales down, median prices rise

The Real Estate Institute seized on winter as the cause of a drop in house sales, but not of prices, in June.

Institute chief executive Bindi Norwell said yesterday the number of properties available for sale nationally fell 3.8% (902 properties), from 23,507 to 22,605 compared to 12 months ago.

Auckland’s annual inventory fell 2.4%, from 8560 to 8356 properties. Both nationally & in Auckland, inventories were at their lowest levels for 9 months.

Sales fell 1.6% from 6131 a year ago to 6034. Ms Norwell said: “This was the result of significant decreases in sales volumes in 8 out of 16 regions and a 9.9% decrease in new property listings year-on-year.”

June sales were well down in both years from sales in May – 7578 this May, 7482 last May.

The median price nationally was up 5.7% from a year ago to $560,000 ($530,000 last June, and $2000 short of the median in May).

Excluding Auckland, the median was up 7% from a year ago at $460,000. Auckland’s median fell 0.7% to $850,000 ($856,000 last June).

The median hit records in 3 regions in June – Waikato (up 11.7% to $525,000), Wellington (up 12.3% to $595,000) & Marlborough (up 11.4% to $440,000). Gisborne’s median rose 26.9% from a year ago to $330,000 and Hawke’s Bay 15.3% to $430,000.

Ms Norwell commented: “Until we solve the supply issue, house prices are likely to continue rising, particularly as the official cashrate remains low and the banks continue dropping interest rates.

“Again, we’re seeing this 2-tier market across the country where prices are remaining stable in Auckland & Canterbury but rising in most other parts of the country.”

The institute’s house price index rose 3.8% from a year ago to 2706. Excluding Auckland, it rose 6.7% to a new high of 2561. The index for Auckland rose 0.9% to 2883.

Auctions were used in 11.3% of all sales in June and 684 properties sold under the hammer, down from 14.2% (870 properties) sold via auction a year ago. In Auckland, auction sales fell from 24% (446) a year ago to 21% (386).

The breakdown of sales in price brackets and their share of the market in June 2018 & June 2017 (in brackets):

$1 million-plus: 868 (815), 14.4% (13.3%)
$750-999,999: 866 (855), 14.3% (13.9%)
$500-749,999: 1773 (1622), 29.4% (26.5%)
Under $500,000: 2527 (2839), 41.9% (46.3%)
Total sales: 6034 (6131).

Auckland median prices & volumes on old council boundaries, plus the whole of New Zealand and nationally excluding Auckland, for June 2018 and, in brackets, May 2018 & June 2017:

Auckland City: $975,000 ($935,000, $1,002,500), 626 (800, 568)
Franklin: $667,000 ($705,000, $615,000), 72 (98, 64)
Manukau City: $792,000 ($815,000, $837,500), 353 (484, 339)
North Shore: $1,010,000 ($987,500, $970,000), 281 (408, 358)
Papakura: $640,000 ($682,000, $648,000), 66 (113, 100)
Rodney: $900,000 ($900,000, $895,000), 152 (184, 137)
Waitakere: $765,000 ($745,000, $775,000), 284 (358, 256)
Auckland region: $850,000 ($845,500, $856,000), 1834 (2445, 1822)
NZ: $560,000 ($562,000, $530,000)
NZ excluding Auckland: $460,000 ($455,000, $430,000)

Link:
Full institute report

Attribution: Real Estate Institute release.

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Median house sale price down again in Auckland, up nationally

The median residential sale price in Auckland fell again in May compared to a year earlier (down $10,000), but was up $2000 from April, the Real Estate Institute said yesterday.

Nationally, the 5% rise in May took the median to a new high, lifted by a 5.8% increase outside Auckland.

The institute said 3 of its 16 regions hit record medians in May (price comparison with a year ago): 

Northland: $475,000 ($445,000), up 6.7%
Tasman: $612,000 ($526,500), up 16.2%
Manawatu/Wanganui: $305,500 (same as April, $270,000 a year ago), up 13%

Institute chief executive Bindi Norwell said: “The record price for New Zealand of $562,000 continues to highlight the buoyancy of the housing market across the country. Of the 16 regions in New Zealand, 13 saw an annual price increase – 5 of which were double-digit increases, showing that the demand for good property continues unabated. Only 3 regions saw a year-on-year price decrease – Auckland, Gisborne & Southland.

“The record median price achieved in Tasman has seen the region skip both Wellington & the Bay of Plenty to become the second most expensive region in New Zealand in just a single month, highlighting just how popular the region continues to be – even as we head into winter. It’s staggering to think that a region of 51,000 people has more expensive property than a region of nearly 514,000 people.

“Looking at Auckland, it seems like the market has found a middle ground around the $850,000 mark, as 3 out of the past 5 months have seen a median price in this range. This suggests that the standoff between buyers wanting a bargain and sellers wanting an unrealistic price is coming to an end.

“Despite the year-on-year decrease, Auckland’s median price of $852,000 is actually up $2000 on April. Putting the year-on-year figure into perspective, the institute’s house price index for Auckland increased 0.6% year-on-year, highlighting that, despite a decrease in median price, the market is actually not in decline – it’s just a result of a decrease in $1 million-plus properties year-on-year.”

Volumes up

Sales increased nationally by 1.3% to 7578 (7482 a year ago). Excluding Auckland, sales fell 0.5% to 5247 down (5271). Auckland sales rose 5.4% to 2331 (2211).

House price index (HPI)

The house price index rose 3.7% to 2702 (2606 a year ago). Excluding Auckland, it rose 6.8% to a new record 2554 (2392). The Auckland index rose 0.6% to 2883 (2866).

The breakdown of sales in price brackets and their share of the market in May 2018 & May 2017 (in brackets):

$1 million-plus: 1079 (1053), 14.2% (14.1%)
$750-999,999: 1134 (1017), 15.0% (13.6%)
$500-749,999: 2155 (2003), 28.4% (26.8%)
Under $500,000: 3210 (3409), 42.4% (45.6%)
All properties sold: 7578 (7482)

Auckland median prices & volumes on old council boundaries, plus the whole of New Zealand and nationally excluding Auckland, for May 2018 and, in brackets, April 2018 & May 2017:

Auckland City: $940,000 ($920,500, $975,000), 759 (662, 723)
Franklin: $710,000 ($715,000, $657,000), 97 (63, 91)
Manukau: $825,000 ($822,000, $855,000), 470 (317, 390)
North Shore: $987,500 ($958,800, $1,020,000), 397 (320, 453)
Papakura: $679,000 ($660,000, $649,000), 110 (82, 114)
Rodney: $905,000 ($920,000, $875,000), 183 (161, 172)
Waitakere: $760,000 ($784,000, $751,150), 315 (293, 268)
Auckland region: $852,000 ($850,000, $862,800), down 1.3% from a year ago; 2331 (1898, 2211)
NZ: $562,000 ($535,000), up 5.0%
NZ excluding Auckland: $455,000 ($430,000), up 5.8%

Link: Full regional breakdown

Earlier story:
11 May 2018: National house sales up, Auckland median down

Attribution: Institute release.

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National house sales up, Auckland median down

The Real Estate Institute said today house sales nationally were 6.6% higher in April than a year ago, up from 5973 to 6368, the biggest same-month increase in 23 months.

However, in Auckland the rise was only 2.4% to 1854 (1810).

The median price nationally was 1.9% higher at $550,000 ($540,000). Excluding Auckland, the rise was 5.7% to $460,000. Auckland was down 0.6% to $850,000 ($855,000), Canterbury 0.9% to $441,000 ($445,000).

Prices rose in 14 of the institute’s 16 regions (Auckland & Canterbury the 2 falls).

The institute’s house price index rose 3.8% nationally from a year ago to 2706. Excluding Auckland, it was up 6.6% to 2546.

The breakdown of sales in price brackets and their share of the market in April 2018 & April 2017 (in brackets):

$1 million-plus: 879 (851), 13.8% (14.2%)
$750-999,999: 941 (852), 14.8% (14.3%)
$500-749,999: 1801 (1606), 28.3% (26.9%)
Under $500,000: 2747 (2664), 43.1% (44.6%)

Auckland median prices & volumes on old council boundaries, for April 2018 and, in brackets, March 2018 & April 2017:

Auckland City: $925,000 ($958,000, $960,000), 634 (893, 592)
Franklin District: $715,000 ($650,000, $650,000), 63 (106, 78)
Manukau City: $820,000 ($837,000, $830,000), 313 (385, 323)
North Shore City: $958,800 ($1,080,000, $970,000), 319 (410, 359)
Papakura District: $660,000 ($685,000, $680,000), 82 (100, 86)
Rodney District: $915,000 ($852,500, $840,000), 154 (215, 138)
Waitakere City: $782,000 ($780,000, $755,000), 289 (325, 234)
Auckland region: $850,000 ($880,000, $855,000), 1854 (2434, 1810)

Attribution: Institute release.

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Regional house price rebalancing continues

The rebalancing of New Zealand’s house price ratios continued in March, as the median price outside Auckland, as measured by the Real Estate Institute, rose 6.2% while Auckland’s median fell 2.2%.

The institute said last week the national median rose 1.8% ($10,000 over the year) to a new high of $560,000.

3 regions hit new highs – Gisborne up 17.9% to $330,000 ($280,000 a year earlier), Hawke’s Bay up 11.7% to $445,000 (398,500) & Wellington up 10.0% to $583,000 ($530,000). Manawatu/Wanganui rose 12.3% compared to a year earlier, to $292,000, and Otago 11.1% to $405,500, but these were not new highs.

In Auckland, the institute noted that the shift in sales volumes in price bands had a lot to do with the $20,000 fall in median price from a year ago – sales in the under-$750,000 band up 4%, sales in the $750,000-2 million band down 5%.

But the institute also found a comforting note – its index for Auckland was up 1.0%, “indicating a more stable market”.

House price index:

The national index, the ex-Auckland index and in Auckland all hit new highs in March. The index rose in 10 of the institute’s 12 regions. Index:

NZ: 2710 (2602), up 4.2%
NZ ex-Auckland: 2546 (2374), up 7.2%
Auckland: 2909 (2879), up 1.0%

Auctions

Auctions were used in 16% (1225) of all sales, down from 19% last March. Gisborne topped the auction percentage at 31% of sales, followed by 29% in Auckland and 16% in the Bay of Plenty. In Auckland, 698 (957) properties were sold by auction.

Inventory

The number of properties available for sale nationally increased by a marginal 1.0% (from 26,742 to 27,018) compared to 12 months ago – up 13.5% (54 properties) in Nelson, 9% (161) in the Waikato and 6% (546) in Auckland.

Price bands

The market share of sales under $500,000 fell from 44.2% a year ago to 41.9% as sales in that bracket fell from 3810 to 3255.

The decline of cheaper housing has come with the occasional upward jolt. The sub-$500,000 bracket represented 50.8% of sales in August 2016, but was down at 49.1% in May 2016 (4422 sales) and 47.7% in September 2016 (3510). The bottom bracket’s share of the market slipped under 45% (to 44.6%) last November, but bounced up to 46% in February.

In the upper brackets, the same number of properties (158) sold between $2-2.99 million this March & last March. Above $3 million, there were 64 sales this March, 65 in March last year.

The breakdown of sales in price brackets and their share of the market in March 2018 & March 2017 (in brackets):

$1 million-plus: 1198 (1371), 15.4% (15.9%)
$750-999,999: 1064 (1211), 13.7% (14.0%)
$500-749,999: 2251 (2230), 29.0% (25.9%)
Under $500,000: 3255 (3810), 41.9% (44.2%)
All properties sold: 7768 (8622)

Auckland median prices & volumes on old council boundaries, for March 2018 and, in brackets, February 2018 & March 2017:

Auckland City: $960,000 ($960,000, $1,025,000), 874 (512, 1003)
Franklin District: $650,000 ($655,000, $605,000), 106 (72, 107)
Manukau City: $837,000 ($840,000, $890,000), 374 (269, 469)
North Shore City: $1,070,000 ($991,000, $1,075,000), 404 (303, 504)
Papakura District: $685,000 ($620,000, $668,500), 96 (82, 83)
Rodney District: $855,000 ($875,000, $850,000), 209 (148, 205)
Waitakere City: $780,000 ($770,000, $785,000), 323 (258, 341)
Auckland region: $880,000 ($855,000, $900,000, down 2.2% over year), 2,386 (1644, 2712)
NZ: $560,000 ($530,000, $550,000, up 1.8% over year)
NZ ex-Auckland: $460,000 ($450,000, $433,000, up 6.2% over year)

Attribution: Institute release.

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Ex-Auckland markets keep housing median rising

The median house price for New Zealand rose 6.9% in the year to February to $530,000 from $496,000 in February 2017, according to the latest data from the Real Estate Institute.

The median house price for New Zealand excluding Auckland rose 8.4% to $450,000.

The Auckland median rose 3.7% to $858,000 ($827,000) and was up 4.6% from January.

Sales nationally rose 1.2% to 6373 (6295 in February 2017). The number of residential properties sold in Auckland during February increased by 2% to 1600 (1568 in February 2017).

The institute’s national house price index increased by 3.9% from a year ago to a record 2692. For New Zealand excluding Auckland, it increased by 6.9% to a new high of 2524, and for Auckland it increased by 1.1%. Regions with the highest growth were Gisborne/Hawke’s Bay up 16.0%, Southland 12.3%, Northland 10.4% & Manawatu/Wanganui 10.2%.

Auctions were used in 12% of all sales, 756 properties selling under the hammer. In February 2017, 15% of sales were via auction. In Auckland, 22% of sales were by auction – 356 sales (462 in February 2017).

The breakdown of sales in price brackets and their share of the market in February 2018 & February 2017 (in brackets):

$1 million-plus: 833 (718), 13.1% (11.4%)
$750,000-999,999: 843 (767), 13.2% (12.2%)
$500,000-749,999: 1767 (1647), 27.7% (26.1%)
Under $500,000: 2930 (3163), 46.0% (50.3%)
All properties sold: 6373 (6295), up 1.2%

Auckland median prices & volumes on old council boundaries, for February 2018 and, in brackets, January 2018 & February 2017:

Rodney: $880,000 ($855,000, $829,000), 145 (111, 154)
North Shore: $991,000 ($1,060,000, $1,015,000), 298 (224, 294)
Waitakere: $770,000 ($735,000, $805,000), 252 (178, 199)
Auckland City: $964,000 ($845,000, $890,000), 498 (329, 481)
Manukau: $850,000 ($750,000, $809,000), 256 (217, 271)
Papakura: $625,000 ($679,000, $642,000), 81 (58, 81)
Franklin: $660,000 ($717,000, $659,000), 70 (65, 88)
Auckland region: $858,000 ($820,000, $827,000), 1600 (1182, 1568)
NZ: $530,000 ($520,000, $496,000), 6373 (4366, 6295).

Attribution: Institute release.

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Auckland still leads cyclical house sales shift downwards

The Real Estate Institute said yesterday the median house sale price nationally rose 5.8% in December compared to a year earlier, and 6.6% excluding Auckland.

In Auckland, the median rose 1.8% over the 12 months.

The moves were:

Nationally: 5.8%, from $520,000 to $550,000
Excluding Auckland: 6.6%, from $422,000 to $450,000
Auckland: 1.8%, from $855,000 to $870,000.

The cyclical context

Those differences are normal. Auckland habitually leads cycles up, peaks as other centres start to rise, and softens while the rest of the country is still trying to catch up. When everything settles down, the margin between Auckland prices and those everywhere else will be bigger than it was before the cyclical rise.

The difference that is abnormal is that Auckland has been subjected to a hefty population increase for the second time this century – first in 2003-04 under the Clark Labour government, from which it hadn’t fully recovered before the National-led government enabled a new influx into Auckland over the last 5 years, with no attempt on either occasion to spread the growth.

Through a period of 15 years, Auckland’s housing supply has been inadequate to meet demand. For the real estate sector, and for political purposes, that’s been just fine: a tight market encourages competition & price hikes.

The Real Estate Institute said prices rose in 13 of its 16 regions in December, 3 of them to record levels:

Waikato: up 11.7% from $470,000 a year ago & $490,000 in November to $525,000 in December
Bay of Plenty: up 20.4% from $496,500 a year ago & $575,000 in November to $598,000, and
Wellington: up 4.7% from $535,000 a year ago & $550,000 in November to $560,000.

At the other end, prices fell from a year ago in 3 regions:

Marlborough: down 2.1% to $372,000
West Coast: down 1.6% to $185,000, and
Canterbury: down 0.7% to $439,000.

Real Estate Institute chief executive Bindi Norwell said December 2017 was the first time all 7 districts in Auckland (the institute still bases its statistics on the boundaries of the 7 cities & districts that formed the super-city in 2010) had a median price above $700,000.

She said this highlighted “how expensive the city is becoming”. In addition, “North Shore City [as it was] has reached a record median price of $1,113,000. The nearest the price has been to this point previously was $1,105,000 in November 2016.”

Volumes still struggling

The institute said sales nationally fell 10.1% in December from a year ago, from 6567 to 5903; 11.6% excluding Auckland, from 4733 to 4184; and 6.4% in Auckland, from 1808 to 1693.

Nelson was the only region where sales rose from a year ago, from 71 to 76.

The institute’s house price index increased nationally by 3.8% from a year ago to 2655, by 6.8% excluding Auckland, and by 0.7% in Auckland.

Auctions fall away

Auctions’ share of the national market fell from 18% a year ago to 14% – down from 1154 sales to 827.

55% (455) of the December 2017 sales were in Auckland.

Inventory

The number of properties available for sale nationally increased by 9.3% (from 22,521 to 24,610), and by 2.1% excluding Auckland (from 15,784 to 16,113).

Price bands

Broken into price brackets, the number sold in December fell compared to a year ago in all except the $2-3 million category, which increased by 4.3% (from 92 to 96).

The number sold for less than $500,000 fell 18% (from 3148 to 2577). The latest figure for that bracket represented 43.7% of all sales.

Link: Full Real Estate Institute December report

Attribution: Real Estate Institute release.

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Home sales jump

The Real Estate Institute said today residential sales increased by 17.8% from October to November, the biggest jump between those 2 months in 6 years. After the institute’s seasonal adjustment, the rise was 4.5%.

Outside Auckland, the rise was 19.4%. Inside Auckland, it was 13.9%.

The national median sale price rose 1.9% ($10,000) to $540,000. Outside Auckland the rise in the median was 2.3% (also $10,000) to $450,000. From November last year, the national rise was 3.8%, ex-Auckland rise 8.4%.

Auckland’s median rose 3.8% to $880,000 ($848,149 in October) and 0.6% from November last year ($875,000). The Auckland median has increased by $50,000 over the last 4 months.

Institute chief executive Bindi Norwell noted one unusual change, in Rodney (the institute still does its statistics on the council boundaries pre-2010), where the median sale price rose 14% over the year to $985,000: “Looking into this data further, the increase was largely driven by a change in the mix of properties sold, with 41% more properties sold for more than $1 million compared to the same time last year. The institute’s house price index further confirmed the impact of the change of mix with an annual increase of 2.2%, indicating a more stable & moderate price growth in the Rodney District.”

Attribution: Institute release.

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