New Zealand Real Estate Market Bucks The Global Trend
New figures from the New Zealand Real Estate Institute show that the median price of a property in the country has reached a record high. The continued strength of the Christchurch and Auckland Property markets pushed prices to a new high in June while the number of property sales has risen by a sixth in the last year.
Here, we look at the buoyant New Zealand property market.
Prices of property in New Zealand hit a record high
The Real Estate Institute figures show that the national median sale price of a property in New Zealand rose to $372,000 (£191,220) in June 2012, $2,000 above the previous record set in March 2012.
Helen O’Sullivan, Real Estate Institute chief executive, said: “Keen buyer interest in Auckland and Christchurch – which together make up about half of national activity – drove the New Zealand real estate market to new highs in June and a new record median price.
“The overall pattern for the rest of New Zealand shows improvement in sales volumes, with prices on the whole steady rather than up."
However, O'Sullivan warned that the market’s apparent strength is still far off the boom years in the mid to late noughties. She added: “Buyers and sellers lost confidence during the global financial crisis and in that context the current market should be seen as recovering rather than booming.”
The number of home sales in Auckland climbed 15.7 per cent compared to a year earlier, while the medium sale price rose 8.5 per cent. June 2012 saw Auckland maintain its record $500,000 (£257,000) median sale price.
The figures come after a similar report from real estate agent Barfoot & Thompson. The company, which sells about one in three Auckland residential properties, said the Auckland housing market had enjoyed its strongest June in five years, with the average sale price hitting a record high.