The market’s getting hot, but it’s not quite at boiling point.
The Real Estate Institute of New Zealand released its December Property Market Report this morning. I haven’t had a look at last month’s events as I’ve been too full of Christmas ham and trifle to think straight. It’s worth sharing REINZ’s data therefore – and doubly so as it provides valuable insight into not just last month but all of 2012.
Some of the more interesting factoids to emerge include:
- We’ve hit a new national median house price record: at $389,000 this is up 9.6 percent on December 2011.
- 74,000 houses were sold during 2012, which marks the highest number since 2007 – the height of our most recent real estate boom – and a 21% increase on 2011.
- Auctions are becoming more and more popular. In 2012, 68% more sales were conducted under the hammer. Auckland saw an 87% increase. Unsurprising, as their hot property market makes it worth sending one’s house to auction to see how high buyers are willing to go.
- As always, the real excitement occurred in two regions: Auckland and Canterbury/Westland. In the case of the latter, you can bet your sweet bottom dollar Christchurch is providing more of the action than Hokitika.
- Home buyers looking for a friendlier environment might want to look at Hawkes Bay, whose median value is down 6.8% on December 2011, or Southland which has dropped 4.08%. Auckland and Canterbury/Westland, surprise surprise, made the biggest price jumps – 10.45% and 8% respectively.
- Finally, for all the talk of the nation finding itself in a rapidly inflating housing bubble, just half the twelve regions have higher median house prices now than in December 2007. The fact one of those happens to be Auckland – who made up half the total value of house sales last month – is what’s pushing the nationwide median upwards. Which isn’t to say it’s not worth keeping a close eye on.
There are plenty of properties for sale below the median, funnily enough, and you can find a tonne of them on our website.
You can also check out all the REINZ data, including region and suburb info, by clicking here.