News | Business
22 Feb 2018 15:46
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    House sales rise for first time in months

    The number of property sales across New Zealand rose in January for the first time in seven months.


    The number of property sales across New Zealand rose in January for the first time in seven months but people are taking more time to purchase, according to the Real Estate Institute.

    A total of 4366 properties were sold across the country in January, up 2.7 per cent from a year earlier.

    In Auckland, the number of properties sold increased 0.9 per cent year-on-year to 1157.

    Eleven out of 16 regions experienced increases when compared to the same time last year and regions with the biggest increases were Nelson, where 78 properties were sold versus 61 in January last year and Canterbury, where 607 were sold compared to 514.

    "January can often be a quiet month for the industry as people spend much of their time at the beach or the bach," REINZ chief executive Bindi Norwell said.

    "However, clearly the warmer weather has helped sales, as it's the first time we've seen a positive year-on-year sales increase in seven months."

    The median number of days it took to sell a property - a gauge of underlying demand - increased to 46 from 41 days in January 2017, the highest median number of days it's taken to sell a property since February 2012.

    Auctions were used in 6 per cent of all sales across the country in January, the same percentage as January 2017, with 246 properties selling under the hammer.

    New Zealand's overheated housing market has slowed on Reserve Bank restrictions and tighter credit criteria being demanded by banks.

    Housing market sentiment had also been weighed by new government policies to restrict the sale of homes and property to foreign investors.

    The median house sale price lifted 7.1 per cent to $520,000 in January compared to a year earlier when it was $485,000.

    Auckland's median price decreased by 1.2 per cent to $820,000 down from $830,000 at the same time last year.

    The number of homes sold between $500,000 and $750,000 in January represented 27.8 per cent of all sales compared to 25.2 per cent a year earlier.

    The $750,000-to-$999,000 bracket lifted to 13.5 per cent from 12.9 per cent while the $1 million-to-$2 million category rose to 10.1 per cent of the market from 9 per cent.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     22 Feb: A2 Milk a $10b company, eclipsing Fonterra
     22 Feb: Fuel prices bite Air NZ in profit decline
     22 Feb: Tourism Holdings doubles 1H profit
     22 Feb: NZME pays dividend, posts dip in earnings
     22 Feb: Amazon, tech stocks lift Wall St
     21 Feb: Kiwi gains against Aussie after weak data
     21 Feb: Super Fund divests 'risky' carbon exposure
     Top Stories

    RUGBY RUGBY
    Highlanders comfortable with rules changes More...


    BUSINESS BUSINESS
    A2 Milk a $10b company, eclipsing Fonterra More...



     Today's News

    Entertainment:
    Mark Wright had a nasty accident at the gym caused by "too many reps" 15:35

    Law and Order:
    Murder charge over body in Wellington car 15:25

    Environment:
    Food barges supply Takaka 15:05

    Law and Order:
    China is cracking down on funeral strippers, but it's a decades-old 'religious practice' in Taiwan 15:05

    Entertainment:
    Cheryl takes to Twitter thanking everyone who helped fulfil dream opening centre to help disadvantaged youngsters in Newcastle 15:05

    Entertainment:
    A Fantastic Woman review: Transgender actor Daniela Vega shines in Oscar contender 14:55

    Law and Order:
    Accused calls alleged victims alcoholics 14:55

    Law and Order:
    Fame-seeking may fuel crime: Commissioner 14:35

    Entertainment:
    Ruth Wilson reveals less pay than Dominic West when pair starred in acclaimed drama series 'The Affair' 14:35

    Cricket:
    Door opens for Sodhi in NZ spin department 14:25


     News Search






    Power Search


    © 2018 New Zealand City Ltd