November house sales reach five-year high

By Phil Boeyen, ShareChat Business News Editor

Tuesday 18th December 2001

November house sales have bounced back from last year and are at their highest level since 1996.

Residential property statistics for the month from the Real Estate Institute of New Zealand show there were 7,881 residential sales in November compared to 5,810 in November last year.

Institute president, Rex Hadley, says the residential property market hasn't witnessed such a high level of activity in November since 1996, when 8,468 properties change hands.

He says that low interest rates are a large reason for the rise in sales.

"The lower interest rates currently available has allowed a lot more first home buyers to enter the property market.

"The Institute has always said that home ownership is a large part of the New Zealand culture and I think Novembers figures reflect that."

The total value of sales nationwide has also improved significantly, the latter from $1.228 billion in November last year to $1.687 billion last month. In October this year the value was $1.438 billion.

Property values have risen on a year to year basis, to $176,200 last month from $174,000 recorded in November last year. However on a month to month comparison the national median sales price rising fell from the $179,000 for October 2001.

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