New Zealand’s house prices and overall home sales increased in May, figures from the ?Real Estate Institute of New Zealand showed Thursday.
Total dwellings sold in May surged 21.6 percent annually to 7,989. Compared with the previous month, house sales climbed by 10.4 percent.
On a seasonally adjusted basis, the number of sales rose 4 percent from April to May, indicating that May sales were stronger than what would normally be expected for this time of year, the agency said.
On the price front, house prices rose 7.0 percent in May from the previous year, with 10 regions recording increases. Compared to April, prices grew by 1.1 percent.
After seasonal adjustments, national median house prices went up 1.5 percent monthly in May and increased 6.8 percent as compared to May 2014.
“Auckland continues to dominate the real estate market in terms of price movements, with an annual increase of just under 20% for the 12 months to May, ” REINZ Chief Executive Colleen Milne, said
“The Reserve Bank’s recently announced LVR (Loan to Value Ratio) measures may have some slowing impact on the rate of price increase, but it would take some months for this to take effect”
“The inventory situation in Auckland remains very tight and the number of sales by auction continues at near record levels.”
The material has been provided by InstaForex Company – www.instaforex.com