Sales in April 2013 increased by 25% compared with the previous year, the best April turnover for six years, the data shows.
The Wellington and other South Island Stratified House Price indices hit new record highs in April, although the national median price fell by 2.4% after hitting a new record high the previous month but remains 7% higher than April 2012.
The chief executive of the Real Estate Institute of New Zealand, Helen O’Sullivan, said that April was notable for a surge in prices and sales of mid level homes in many parts of the country which was reflected in a new high for the REINZ Stratified Price Index and records for the index in Wellington and Other South Island districts.
‘Several regions appear to be benefiting from the tail wind generated by the strength of house prices in Auckland and Christchurch,’ she explained.
Overall price levels in Auckland and Canterbury are continuing to have a major impact on the national picture, with Auckland recording the second largest increase in median price compared with April last year, and Canterbury the third largest increase in median price. Together, Auckland and Canterbury accounted for 92% of the increase in the national median price over the past12 months.
‘Auckland and Canterbury remain the two regions driving the national median price, a point recognised by the Reserve Bank in its recent monetary policy statement. We also note that the remaining 10 regions accounted for only 8% of the increase in the national median, with four of those regions recording falls,’ added O’Sullivan.
All but one region recorded increases in sales volume compared to April last year, with Manawatu/Wanganui recording an increase of 36.5%, followed by Taranaki with 36.2% and Nelson/Marlborough with 34.2%. Four regions recorded an increase in sales volume in April compared to March, with Central Otago Lakes recording an increase of 11.3%, followed by Manawatu/Wanganui with 2% and Southland with an increase of 0.7%.
The national median house price fell by $9,500 from $400,000 in March, to $390,500 in April. Compared to April 2012 the national median house price increased by $25,500 or 7% with four of the 12 regions recording a drop in the median price.
Compared to April 2012 Taranaki recorded the largest increase in median price, up 15.9%, followed by Auckland with 13.3% and Canterbury/Westland with 10%. Central Otago Lakes recorded the largest fall, down 10.1%, followed by Hawkes Bay, down 6.4% and Nelson/Marlborough, down 2.2%.
The REINZ Stratified Housing Price Index, which adjusts for some of the variations in mix that can impact on the median price, is 9.8% higher than April 2012 and increased 0.8% compared to March.
The Auckland Stratified Housing Price Index is up 14.1% compared to April 2012, while the Christchurch Stratified Housing Price Index is up 12.7%. The Wellington Stratified Housing Price Index hit a new record high in April, as did the Other South Island Stratified Housing Price Index.
