REINZ May 2012 regional review

Auckland

Sales volume across the Auckland region increased by almost 30% in May compared to April, and also increased by almost 28% compared to May 2011. Volume increases were strong across the region, with only Waitakere City showing a slower increase than the other parts of the region.

The median price hit a new all time high of $500,000 in May, up $4,800 (+1%) on the previous high recorded in March. Prices rose by 7.8% across the region compared to May 2011, with Auckland City seeing the median price increase by almost 10%, and North Shore City by more than 8%.

Auckland's days to sell remained steady at 33 days in May, and improved by three days compared to May 2011. The Auckland region's days to sell were equal shortest across the country with Canterbury/Westland in May.

REINZ Chief Executive Helen O'Sullivan commented that, "The Auckland market had a strong month in May, with a sizeable lift in volumes and a new record median high. First home buyers and investors are active in the market at lower price levels, but the real driver of these results is the shortage of housing.”