New Zealand House Prices Rise, Sales Plunge In October: REINZ

Remigio Civitarese
Novembre 15, 2017

Real Estate Institute of New Zealand statistics for October show 84 houses were sold in the district last month, up from 77 in September but down from the 109 sold in October, 2016.

Nationally, the median price rose by 3.9 per cent year on year to $530,000. Median prices increased 1.0 percent, month-on-month.

Meanwhile, the volume of home sales fell sharply by 15.8 percent yearly in October.

The number of days it took to sell a house, a gauge of underlying demand, increased by 2 days to 34 days compared to October past year.

Still, the Reserve Bank of New Zealand said last week that it expects house price inflation to continuing cooling, in part because of the new policies from the recently-elected government, which also include cutting migration to New Zealand.

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