REINZ reports spring surge

It said there were 6720 sales in September, up 18.9% on the same time last year and up 2.6% compared to August.  The national median price increased $10,000 compared to August to return to March's record high. It was up $29,000 on September 2012.

Chief executive Helen O’Sullivan said: “Real estate sales volumes have been strong in the lead-up to the introduction of LVR restrictions by the Reserve Bank, with sales up over 19% compared to September last year.“  

She said the sales volumes were higher than would normally be expected in September, and strong growth was happening in the regions. “Northland is experiencing a very strong uplift in its sales volume trend, with Taranaki and Nelson/Marlborough also showing positive trends in sales volume and price, although these three regions remain some way behind Auckland and Canterbury/Westland in terms of pure price movements.  Waikato/Bay of Plenty is also seeing a noticeable uplift in sales volumes.”

But she said price rises were not evenly distributed across the country.  “Auckland’s median price has increased by $120,000 (+26.7%) since the end of the previous price cycle in November 2007, and Canterbury/Westland’s median price has increased $61,000 (19.4%).  However, for the rest of New Zealand combined, the median price has actually fallen $3000 (-1.1%) over the same time period.”