11 May 2018

Jump in house sale numbers as prices dip slightly

10:31 am on 11 May 2018

There's been a significant increase in the number of properties sold last month, while prices dipped, according to new figures.

Sold sign Housing generic

Photo: RNZ / Richard Tindiller

The Real Estate Institute's House Price Index fell 0.1 percent in April over March, but rose 3.8 percent on last year.

The national median house price rose 1.9 percent or by $10,000 to $550,000.

The number of properties sold rose 6.6 percent, which is the highest year-on-year increase in 23 months, with 6368 houses sold.

Sales were strong in many regions, with only moderate growth in sales in Auckland, which saw an increase of just 2.4 percent over last year.

REINZ chief executive Bindi Norwell said 12 out of 16 regions saw a year-on-year increase in the number of properties sold, with seven experiencing double digit growth.

"The only regions not to see an annual increase were Gisborne, Taranaki, Wellington and Otago," she said, adding that those regions had likely seen a drop in the number of listed properties.

She said 14 of 16 regions saw continued demand for good properties, with some regions fetching record house price growth, particularly Manawatu, Nelson and Otago.

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