Strong Finish For Real Estate Sales in December 2011

“December has been a strong month for real estate sales in New Zealand, with this being the strongest level of transaction figures in December since 2007, and Auckland having its strongest December since 2006”, said REINZ Chief Executive Helen O’Sullivan. “Across the country sales volume is up by over 20% compared to December last year with some regions such as Manawatu/Wanganui and Taranaki reporting increases of more than 40%.“

“While the number of transactions is rising, prices have eased back from last month’s record highs, with some exceptions in parts of Auckland and the Canterbury/Westland region.”

The national median ‘days to sell’ remained steady 35 days in December, and is a four day improvement on the 39 days recorded in December 2010. Over the past five years the median days to sell has averaged 41 days across New Zealand.

Canterbury/Westland recorded the shortest days to sell at 29 days (-2 days), followed by Southland with 30 days (-10 days), Auckland with 31 days (-2 days) and Otago also with 31 days (+1 day). Hawkes Bay recorded the longest number of days to sell at 61 days (+18 days), followed by Central Otago Lakes at 59 days (-8 days) and Northland at 54 days (+1 day.)

Further Data Further Data Further Data

Across New Zealand the total value of residential sales, including sections was $2.31 billion in December, compared to $2.67 billion in November 2011, and $1.90 billion in December 2010.

The breakdown of the value of properties sold in December 2011 is:

$1 million plus 194 3.6%
$600,000 to$999,999 693 13.0%
$400,000 to $599,999 1,302 24.5%
Under $400,000 3,127 58.8%
All Properties Sold 5,316 100.0%All Properties Sold 5,316 100.0%All Properties Sold 5,316 100.0%

The REINZ Housing Price Index eased 0.1% in December compared with November. The REINZ Housing Price Index recorded falls in all markets apart from Auckland and Sections. Compared to December 2010 the REINZ Housing Price Index rose 3.1%, and the Index is now 2.4% below the peak recorded in November 2007 (see table and chart belowsee table and chart below).

Also of note is that the REINZ Housing Price Index for Auckland is now at an all time high being 1.3% above its previous peak reached in July 2007.

REINZ Stratified Median Housing Price Index Chart
REINZ Stratified Median Housing Price Index Chart
REINZ Stratified Median Housing Price Index Chart

REINZ Stratified Median Housing Price Index StatisticsREINZ Stratified Median Housing Price Index StatisticsREINZ Stratified Median Housing Price Index Statistics

* CAGR is Compound Annual Growth Rate* CAGR is Compound Annual Growth Rate
* The Christchurch data needs to be treated with some caution due to compositional changes in the suburb mix caused by the earthquakes in the city* The Christchurch data needs to be treated with some caution due to compositional changes in the suburb mix caused by the earthquakes in the city

ENDS

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