11 Dec 2012

House sales and prices rise - REINZ

8:34 am on 11 December 2012

The Real Estate Institute says house sales rose by one quarter to 7,454 in November, compared with the same month last year.

Median house prices rose to a new record of $383,250.

The Institute says despite a surge in new listings during spring, demand continues to outstrip supply in key markets such as Auckland.

Sales volumes are at a five year high and record high prices in Auckland and Otago show the real estate market is gaining in confidence, it says.

However, the institute notes volumes remain well below the previous highs set between 2003 to 2006 indicating a lack of supply remains the key factor behind rising prices.

In Auckland 38% of all sales are by auction, while more than one in five sales nationally are by auction.