Median house price sets record $380,000 as spring sales roar
"Surely one does not have to be an economist to come to the conclusion that something has to give."Featured comment
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.