new zealand property sales rise by 20pc
News Posted On: 24 January 2012
A survey by the Real Estate Institute of New Zealand shows property sales increased for the fifth consecutive year in December. According to the data housing transactions increased by an incredible 20.1% year on year, with the highest number of December sales since 2007.
National median house prices also increased by 0.9% to reach NZ$355,000, but month on month prices fell by 3.4%. However the chief executive of the REINZ has pointed out this figure could be due to a larger number of lower value properties being sold for that month. Out of the 5,316 homes sold, 3,127 properties were valued at under $400,000, supporting this argument. The time taken to sell a property remained largely unchanged at 35 days.
Experts feel 2012 could be the year which sees the property market in New Zealand recover fully. However others have pointed out that property in New Zealand is severely unaffordable with average property prices being 6.4 times more than the average salary.
Not surprisingly Auckland is the least affordable region, with Christchurch and Tauranga not far behind.
Palmerston North is one of the most affordable areas with homes costing an average of 4.1 times the average salary.
There are concerns that this lack of affordability is hampering efforts to rebuild Christchurch, and experts think the government needs to investigate new urban planning methods in order to improve affordability in the city.
New Zealand is currently ranked as being one of the most unaffordable countries for homebuyers, although China still holds top position with a score of 12.6, while in Australia the average score is 5.6.
View property for sale in New Zealand
Written by Les Calvert
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