Dwellings sold throughout New Zealand and median house prices increased in September, the Real Estate Institute of New Zealand reported Monday.
About 8,174 dwellings were sold in September, up 38.3 percent from prior year and by 5.3 percent on August.
The national median price was NZ$484,650 for September, an increase of NZ$64,650 or 15.4 percent on September 2014, to reach a new record high. It gained 4.2 percent compared with August.
Excluding Auckland, house prices rose 8.3 percent annually to a record NZ$365,000. Auckland’s house prices surged 25.4 percent from prior year.
“The new IRD number requirements may have had some dampening effect on offshore buyers in Auckland, although this is not shown in the data,” REINZ Chief Executive Colleen Milne, said.
“However, the forthcoming relaxation of the loan-to-value-ratio (LVR) restrictions for the regions will have a positive effect for first home buyers but may add to the consequential shortage of listings in their range,” added Milne.
The material has been provided by InstaForex Company – www.instaforex.com