New Zealand property news: Prices improve

Country: New Zealand

16 September 2009

There are further signs that the New Zealand property market is improving, after home prices appreciated in August and were selling quicker, according to the latest data released by the Real Estate Institute of New Zealand (REINZ).

The figures show that the average price of a property in New Zealand rose to $346,750 (£149,710) in August, up 2% from July and 5.1% higher on August 2008. Prices are now just 6.2% below their November 2007 peak.

A total of 5,878 homes in New Zealand were sold last month, up from 4,220 in August last year, but fewer than the 6,014 residential units sold in July.

However, the average number of days to sell a property in August was 34 days, down from 37 in July and 55 in August last year, which is positive news.

In the Auckland region, average prices in August were 4.4% higher year-on-year, median values in Wellington rose 7.5% year-on-year, while values in Other North Island crept up by 0.3%.

In comparison, average values in Christchurch fell 2.3% year-on-year, while Other South Island posted a 0.4% decline.

Reinz president Mike Elford said he was pleased with the improved data, but urged caution in drawing conclusions from those trends.

He said: “Like those commentators, we would be reluctant to say the hard times are over, but if the trees are not yet in full bloom, there are certainly buds in view.”

A total of $2.5bn (£1.1bn) worth of residential New Zealand property exchanged hands in August. Most of this was in Auckland.

<< Previous News item

Within New Zealand
With tag "Marc Da-Silva"
With tag "New Zealand"
With tag "Overseas property Investment news"

NextNews item >>

Within New Zealand
With tag "Marc Da-Silva"
With tag "New Zealand"
With tag "Overseas property Investment news"