February sales hit four-year high

Figures from the Real Estate Institute of New Zealand (REINZ) revealed there were 6,168 unconditional sales in February 2012, up 37% or 1,666 sales compared to the same month last year.

"The real estate market in February has built on the strong results in December and January with a 37% lift in sales across the country compared to February last year and the highest number of transactions in a February month since 2008," said REINZ chief executive Helen O'Sullivan."

The rise in sales has yet to filter through to increased prices however, with the national median price remaining steady for the third consecutive month at $355,000, up $5,000 (1.4%) on February 2011.

"While agents are seeing more activity and more positive sentiment from buyers in most places this is not translating into significant price increases," said O'Sullivan.