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Property sales in November were up nearly 30% compared to the same period last year after an “incredible month” of sales.
Figures from the Institute of Real Estate show that 9,885 properties were sold in November nationwide, the most properties sold in a month since March 2007.
KIRK HARGREAVES / Stuff
Home sales have had their best month in more than 13 years.
Excluding Auckland, the number of properties sold was 6,127, an increase of 18.3 percent compared to November last year. It was the best November for volumes in 14 years.
Prices were also red hot. Median home prices nationwide rose 18.5 percent year-over-year to a new record of $ 749,000, an increase of $ 24,000 in just one month.
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Bindi Norwell, CEO of REINZ, said it had been an “incredible” resurgence for the real estate market since Covid-19, with levels of turnover that had not been seen since before the Global Financial Crisis.
” Some of this is likely attributed to people wanting to buy a property before Christmas, in part because the Reserve Bank announced in early November that it would conduct a consultation in December to re-introduce the LVR. [loan-to-value ratios] before it was planned.
”But [it’s] also due to this underlying fear that prices may rise even more in the coming months, ”he said.
Median home prices were now nearing the three-quarters of a million dollars mark and 11 regions had hit new highs, Norwell said.
As for prices, “the last time we saw these types of records was in October 2003, when the market was experiencing significant increases in house prices.”
Auckland was particularly strong. The number of properties sold in November rose nearly 54 percent last November, the highest number in November since records began.
Prices rose 16.4 percent to $ 1,030,000, a new record, after hitting the million-dollar market in October.
“For three months in a row, Auckland’s sales volumes have increased by more than 50% compared to the same period last year, and with a 45.8% increase in new offers in November, there is little sign of Christmas. usual slower, ” Norwell said.
“It will be interesting to see how long these high sales volumes can be sustained.”
Excluding Auckland, house prices were slightly more moderate. They rose 15 percent to a new record median of $ 615,100.
Bayleys / Supplied
Tasman enjoyed the largest percentage increase in home prices.
The region with the largest price increase was Tasman, where prices rose 28 percent annually to $ 774,400.
It was followed by Manawatu / Wanganui (up 25.8 percent at $ 503,000) and Southland (up 23.6 percent at $ 395,500).
Taranaki came close with a 21.7 percent increase to $ 496,000 and Marlborough prices were up 19.4 percent to $ 585,250 year-over-year. Bay of Plenty was up 18.4 percent to $ 753,000 and Wellington’s red-hot market was up 14.5 percent to $ 790,000.
Waikato was up 13.2 percent to $ 670,000 and Canterbury was up 13.1 percent to $ 526,000.
Listings fell the most in Nelson, 44 percent, to just 233 properties. Hawke’s Bay, Manawatu / Wanganui, Wellington and Nelson had the fewest weeks of inventory, with only six weeks of stock on the market, highlighting the dearth of new listings in some parts of the country.
Audio provided by RNZ.
