Real Estate Institute of New Zealand (REINZ), the most up to date source of property data in New Zealand, has revealed that there were 8,803 dwelling sales across the country in March 2015, up 20.3% on March 2014 and a rise of 27.6% compared to February 2015. It represents the highest March sales volume since 2007.
More than 25% of properties sold by auction, a new record of 2,267. This was up 604 from March 2014. In Auckland, the proportion of auction sales was almost 50%. The national median price for March was up 8% (NZ$35,000) year-on-year to NZ$475,000.
Chief executive of REINZ, Colleen Milne, says: “March is the strongest sales month of the year, with almost 1,400 more sales than for any of the past 12 months. While the increase in the number of sales is more or less spread across the country, the movement in the national median price is almost entirely an Auckland effect.”
“Across the rest of the country, sales volumes and median prices are far better balanced, with a number of regions reporting good sales numbers, good listings and plenty of activity. The national median price, excluding Auckland, has remained at $350,000 for the past two months.”