House sales higher than last year
Real Estate Institute of New Zealand data on the New Zealand housing market for October 2011 showed 5007 unconditional sales for the month, up 1104 sales (plus 28.3 per cent) compared to October last year.
Only four markets showed an increase in sales volumes during October, with Taranaki, Wellington, Nelson/ Marlborough and Southland all reporting increases.
Taranaki recorded the strongest lift in volumes at 15.5 per cent, followed by Wellington (plus 7.6 per cent) and Southland (plus 2.4 per cent).
‘‘ The volume figures for October suggest that the spring lift widely expected in the real estate market has been muted but so too has any impact from the Rugby World Cup and European uncertainty,’’ institute chief executive Helen O’sullivan said. ‘‘ Volumes are up strongly compared to this time last year but that in part reflects a very weak October 2010 when sales volumes were among the lowest in the past 20 years.
‘‘We are seeing plenty of activity but buyers are still price conscious.
‘‘They will move quickly when they find a property that meets their needs but properties perceived by prospective buyers as overpriced are not generating much interest.’’
The national median days to sell improved by two days from 37 days in September to 35 days in October.
Across New Zealand the total value of residential sales was $2.15 billion in September 2011, compared to $1.6 billion in October 2010.
HOUSING MARKET: Figures released on the New Zealand housing market.