After record national median prices were recorded in March, prices rose further by 1% in April, according to the latest index to be published.
The recently launched index from the Real Estate Institute of New Zealand (REINZ) shows the market is stale with activity nationwide up 0.4% month on month. It was up 0.2% in Auckland and 0.8% in the rest of the country.
Over the last three months, nationwide activity was up 1.4%, in Auckland up 0.8%, and outside Auckland up 2.5%.
Meanwhile, three regions hit new record high median prices in April 2017 as the national median price rose 10.4% to $540,000 year on year. Waikato was up 22.3% to $489,200, Wellington up 18.8% to $537,000 and Otago up 12.7% to $381,000.
The number of sales for April fell 9% compared to March and year on year sales volumes fell by 31% which REINZ chief executive officer Bindi Norwell said could be due to April being an exceptionally wet month, plus school holidays, Easter and ANZAC Day.
‘The data for April shows that the market is reasonably stable, despite the impact of a number of factors on activity right across New Zealand. Importantly, the overall tone of the market remains broadly positive,’ Norwell added.
The data shows that the Auckland region has seen a continued increase in the level of inventory with almost 2,500 more homes for sale in April compared to 12 months ago and the number of weeks of inventory now the third highest in the country.
In Auckland median prices have increased by 3% since April 2016, which suggests that Auckland is further through the property market cycle than the rest of New Zealand, which continues to see strong sales volume and price growth and an accompanying decline in inventory levels.
But the number of properties available for sale continues to decline nationwide with 1,028 fewer houses for sale in April compared to 12 months ago, although the number of properties for sale in the Auckland region has increased by 39%.
Compared to April 2016 the number of listings fell 3.2% in Canterbury, 13.2% in Wellington and 12% in Waikato. Excluding Auckland, the number of properties for sale has fallen by 16.7% over the past 12 months.
The national median house price rose $51,000 or 10.4% year on year but was down by 0.5% month on month. Gisborne recorded the largest annual increase with a rise of 22.5%, followed by Waikato up 22.3% and Wellington up 18.8%.
The number of days to sell eased by one day to 34 days from March, and eased two days compared to April 2016. Otago had the shortest days to sell at 26 days, followed Gisborne, Manawatu-Whanganui, Wellington and Otago all at 27 days.
Taranaki had the longest number of days to sell at 44 days, while in Auckland the number of days to sell was steady at 35 days compared to March, up three days to 35 days compared to April 2016.
