The latest statistics from the Real Estate Institute of New Zealand (REINZ) showed a slowdown in January from December but growth compared to the same time last year.
There were 4,841 dwellign sales in January 2015, down 31.5% from December 2014 but up 2.6% on January 2014. The national median price of NZ$426,000 for January was down NZ$24,000 on december’s figure but NZ$24,000 up on the previous year. Looked at individually, Auckland’s mean price increased 16% year-on-year.
“The data for January reflects the typical summer slowdown at this time of year, with volumes dropping back and prices easing across the country,” says REINZ’s chief executive, Helen O’Sullivan. “The continuing strong performance of Auckland is vexing commentators and policymakers alike, however the root cause of the problem remains a shortage of property available for sale.
The total value of residential sales in January was NZ$2.61bn, considerably less than the NZ$4.025bn recorded in December but again, up on January 2014 (NZ$2.33bn). The annual total sales for the year ended January 2015 was NZ$40.658bn.
