Robust demand drove sales volume growth in the residential property market during January to the highest level for the month in five years with the number of sales up 21 per cent on January 2012. The national median price rose 4.2% compared to January 2012 to $370,000 but eased from the record $389,000 established in December 2012.
The Chief Executive of the Real Estate Institute of New Zealand (REINZ), Helen O’Sullivan, says that the residential real estate market has begun 2013 well, continuing the trend that developed during 2012. “The residential real estate market has begun 2013 in good shape with a more than 20% increase in sales volume on this time last year. The national median price eased from its December level, although it remained 4.2% above the level reported at the same time last year. Given the highly seasonal nature of the housing market, prices and volumes tend to ease from their year end levels in January, as marketing campaigns for many properties in the upper price bracket don’t begin until the latter half of the month.” (Press Release)