Property sales reach 13 year high
The number of residential properties sold in New Zealand reached a 13 year high in November.
Sales increased by 29.6 per cent from the same time last year (from 7627 to 9885) - the highest number of properties sold in 164 months (March 2007) and the highest Novembersales count since November2006 (14 years), according to the latest data from the Real Estate Institute of New Zealand.
REINZ Regional Director Neville Falconer says the number of houses being sold in the Bay of Plenty increased to the highest level since May 2016.
“The Bay of Plenty saw a record median house price of $753,000 in November 2020, up 18.4 per cent from the same time last year.
“The number of properties sold increased 29.5 per cent year-on-year to 645 - the highest level since May 2016.”
When combined with the -5.9 per cent decrease in new listings, Neville says this resulted in a decrease in inventory of -34.3 per cent to a record low of 927, or seven weeks.
“Investors have remained active in the market as they are taking advantage of the low interest rates and hurrying to get in before the LVR restrictions change, however, there are more cash buyers in the market than the same time last year.
REINZ Regional Director Neville Falconer. Supplied photo.
“Properties are selling quickly, with median days to sell at a record low of 30 days.”
The numbers as they stand:
-18.4 per cent increase in median house price in the region from $636,000 in November 2019 to a record high of $ 753,000 in November 2020.
-A record low number of days to sell a house, decreasing by almost a week (6 days) in the year from November 2019 to November 2020; 30 days this year, compared with 36 days in 2019.
-House sales increased by 29.5 per cent from 498 in November 2019 to 645 in November 2020.
-A new high on the REINZ House Price Index – with a level of 3376. This means the value of the region’s house market has increased by more than 230 per cent since 2003. This also includes a 5.9 per cent growth in value during the past month alone.
-Top sale for the region was for $5.7m in Mount Maunganui.
-Record median house prices in:
Kawerau District: $370,000
Tauranga City: $835,000