House sales buoyant through May – REINZ

Anecdotal evidence about a rise in confidence in the real estate market is backed by May figures on house sales from the Real Estate Institute of New Zealand (REINZ). It says although there are predictions of tougher times ahead for the New Zealand economy, ‘‘some green shoots of confidence are starting to show’’. Sales volumes, listings, sales by auction and the sales-price-tovaluation ratio all saw an uplift during the month, and REINZ says the median price is as expected – up in some places, flat in others and down in some regions. ‘‘New Zealand isn’t just one market, so we expect this volatility to continue – particularly in areas heavily reliant on tourism.’’