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REINZ ; Regional markets continue to strengthen

The Real Estate Institute of New Zealandhas released its latest market analysis of the regional property markets for December 2015. The pace for 2015 was fast and furious for most of the year however December’s figures were notable for a slight drop in sales compared to the previous month of November. Activity in the south of Auckland continued to grow apace and the Southern Corridor Realty Ltd experienced a very busy month of December.

The summary of the REINZ report is as follows;

“7,313 dwellings sold in New Zealand in December 2015, up 3.5% on December 2014, but down 9.1% on November
• National median price of $465,000, up $15,000 (+3.3%) on December 2014 and up 1.2% on November
• A new record national median price excluding Auckland of $379,000, (+8.0%) compared to December 2014 and up 1.1% on November; this is the fourth consecutive record median in 2015
• New record median prices also for Waikato/Bay of Plenty, Hawke’s Bay, Wellington, Nelson/Marlborough and Otago
• A rise of $92,000 (+13.6%) in Auckland’s median price, between December 2014 to December 2015 – from $678,000 to $770,000, and a rise of $5,000 (+0.7%) compared to November
• Nationally a 20% rise in the number of sales over $1 million between December 2014 and December 2015 – from 629 to 755
• 20,070 dwellings sold by auction in the 12 months to December 2015, representing 22.2% of all sales, an increase of 45% in the number sold by auction in the 12 months to December 2014.

The full press release can be read at the end of this link; REINZ Residential Market Report for December 2015

Photo of a walking trail 5 minutes drive from the Ray White Papakura office at the Pahurehure beach. Courtesy of elocal magazine

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