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House prices continue to climb with more stock required

By Alison Borland

Article supplied by REINZ

As the total pool of properties available for sale in New Zealand falls to record lows, this is continuing to put pressure on house prices, with the country seeing a new record median house price for the fourth month in a row according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

Bindi Norwell, CEO of REINZ reported “Currently we have half the inventory levels we had back in December 2018. Therefore, there just isn’t enough choice for people looking to purchase which has meant that there is significant pressure being placed on house prices in most parts of the country. When you add into the equation the fact that there are record low interest rates, it means that people are more willing to compete to secure the property they want,” continues Norwell. “This lack of choice and high levels of confidence is also causing properties to be sold at the quickest pace we’ve seen in 17 years. The median number of days to sell a house is now just 27 days, showing how people are moving quickly to secure ‘good’ properties,” she points out.

Auckland’s median house price increased by 17.4% from $886,000 at the same time last year to $1,040,000 a new record high – the fifth consecutive month where Auckland has seen a new record median house price.

Bindi commented “Inquiry levels and open homes remained busy in December, particularly compared to a regular December month where things usually quieten down, particularly as we get closer to Christmas. Sales volumes for Auckland region increased 66.0% year-on-year to 3,219, the highest for a December month since records began. While interest rates remain low, we expect this level of activity to continue. 46.6% of all properties sold, were sold by auction in December, the highest percentage of sale by auction since August 2016.”

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