The median house price in New Zealand rose to a record $380,000 last month as sales jumped by almost a third compared to October 2011, the Real Estate Institute says.
Sales rose 32.6% to 6640 in October from a year earlier and were 17.5% higher than in September this year, the institute says in its monthly report. The median house price rose from $371,000 in September.
The REINZ Stratified House Price Index, which adjusts for the proportion of higher or lower-value homes sold, climbed 6.9% from October last year to a record high index level of 3495.1.
Auckland's median house price also set a new record, rising 2.9% to $530,000.
All regions recorded an increase in sales volumes from the same month last year, with the biggest gains coming for Central Otago Lakes jumping 54%, Northland up 52% and Hawke's Bay up 47.7%.
The national median days to sell improved to 32 days from 35 days a year ago. In Canterbury/Westland days to sell fell to 28, the second lowest since April 2007.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Global mobile marketer VMob oversubscribed in $3.3m local capital raising
- Wynyard continues with board changes, hires former NZME exec Phil Eustace as interim CFO
- Acquisitions, new products in pipeline for Partners Life
- Russia won’t come to the world’s rescue for dairy
- New US government study reignites fears on cellphones and radiation
Most listened to
- Paul Brislen decodes the latest study on cellphones and cancer
- Partners Life founder Naomi Ballantyne tells NBR Radio what Blackstone's investment means for the company's IPO plan
- The Greens' Julie Anne Genter hits back at Taxpayer Union attack on transport policy
- A stapled structure for Stride Property means better dividends for shareholders, says chief executive Peter Alexander
- Hellaby's MD Alan Clarke on why the company plans to pay more in dividends than it earns