Steady growth continues: Report

Realestate.co.nz has reported a 17% increase in property sales in June on the same time a year ago, with 6135 across the country.

Wednesday, July 25th 2012, 12:00AM

by The Landlord

In its latest Property Pulse report, website chief executive Alistair Helm said the inventory of unsold homes was at a four-year low, below 30 weeks.

“The current level of unsold properties on the market represents a very clear sellers' market, well below the long-term average of 41 weeks of equivalent sales.”

The stratified median house price for property sales in June was $383,095, a 5% increase from June 2011 and a new New Zealand record.

The asking price expectation of new listings nationwide fell in June to $425,783. Measured on a seasonally-adjusted basis, that figured represented a 2% increase from the asking price in June last year.

The number of new listings in June - 10,794 - was down on the May total of 11,544, and up 18% compared to a year before.

In Auckland, the 2381 sales for June was up 17% on June 2011.

“The inventory of unsold houses slipped lower again to below 20 weeks to sit at 18.1 weeks, the lowest recorded level for over four years, this level of inventory continues to track well below the long-term average of 33 weeks of equivalent sales.”

The stratified median house price at $529,200 was up 7% compared to a year ago.

There were 3755 new listings in Auckland in June, up 21% as compared to a year ago.

“However this increase has not dented the low level of inventory of houses on the market.”

In Christchurch, 751 sales for June was down significantly on a seasonally-adjusted basis but up 57% on 2011.

"The inventory of unsold houses on the market fell further to just 16 weeks, well below the long-term average of 32 weeks of equivalent sales. This continues to demonstrate the shortage in the region and certainly favours sellers in the market."

The stratified mean sales price for Christchurch was $373,109, up 9% on a year ago, and up from the prior month.

Of the regions, Northland showed a significant increase in sales, up 39% on a year ago. But the median sales price, $308,000, is down 4% on June 2011.

The number of new listings in the region was down significantly from May, but up 21% as compared to a year ago.

The report said Auckland had experienced strong growth over the past 18 months while other regions had experienced steady growth.

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