The number of houses sold in New Zealand fell in December from a year earlier, continuing a trend, though the national median sale price rose to a new record, according to Real Estate Institute figures.
The number of houses sold fell 1.1 percent to 5,688 in December from the same month a year earlier, and were down 18 percent from November, a bigger drop than the average decline, REINZ said in a statement. The fall in sales volumes was led by Manawatu/Wanganui, where turnover dropped 37 percent, followed by a 27 percent slide in Southland and a 24 percent decline in Wellington.
The median sale price rose 0.5 percent to $427,000 in December, and was up an annual 9.8 percent. Prices in Auckland, which have been driving growth over the past year, fell 3.2 percent to $620,000, and were up 12 percent on the year.
"The softer trend in sales noted in November 2013 continued into December," chief executive Helen O'Sullivan said. "Further data is needed over the next few months to determine if this is a new (price) trend, or a short-term effect caused by a change in the pace of sales at lower price points given the increased complexity some buyers in these price points now have to navigate."
In October, the Reserve Bank imposed restrictions on lending with small deposits as bubbling housing markets in Auckland and Christchurch, which typically account for half the nation's property turnover, raised fears about the nation's financial stability if there was a sharp correction.
The stratified housing index, which looks to smooth out peaks and troughs, fell 1 percent in December, and was up 9.2 percent in the year.
The average number of days to sell a property slowed to 32 days from 31 days in November, and was unchanged from a year earlier.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- READER POLL RESULT: Will a land tax on foreign-based house buyers cool the housing market?
- Speculation over Hilary Barry's next move
- Facebook exec on info requests from NZ govt agencies: the numbers, and the criteria for forking over your data
- Concession on fees sees ANZ first onboard for Apple Pay
- EPL options narrow: Sky, beIN or nothing
Most listened to
- Listen to the week’s top business news on NBR Radio’s week in review
- Matthew Hooton on Winston Peters’ plan to become prime minister
- Tim Hunter asks: Is the government planning to hand control of water to iwi?
- Rob Hosking breaks down the political and economic week that was: Has everyone gone tax mad?
- Rodney Hide on the technological development and economic advance in transport