Latest figures from the Real Estate Institute of New Zealand show how sales rose in almost every region of the country in July 2012, increasing nearly 20% compared to a year ago. Their data shows there were 5,907 unconditional sales in July, an increase of 19.9% compared to the same month last year, but a fall of 3.7% compared to June.
In June the national median house price reached a high of $372,000, but July saw this price decline by $11,000 to reach $361,000. Just about every region recorded an increase in sales volumes compared to July 2011, with Taranaki registering the largest increase of 62.7%.
Much of the interest remains centred on Auckland and Christchurch. Auckland in particular has seen strong demand right throughout the winter, even though property prices aren't increasing substantially. The median price in Auckland has been at a high of $500,000 for three consecutive months, while the median price in Christchurch has increased to $354,300 due to continuing short supply.
According to estate agents these figures show a recovery rather than a boom in the housing market. They have pointed out the number of housing transactions in earlier years such as in July 2003, reached highs of more than 10,000, and that the easing of the national median house price shows buyers are still cautious.
According to government value, Quotable Value, national property prices rose by 2.2% during the three months to the end of July, and have increased by 4.6% during the past 12 months. Their figures show property prices are now just 0.8% of the market peak reached in 2007.
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