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Sales Growth Takes a Breather in June Real Estate Market

Data from The Real Estate Institute of New Zealand (REINZ) shows Residential property sales eased in June with the number of sales equal to the number sold in June 2012. The national median price increased $2,000 compared to May and remains just $6,000 below the record median set in March 2013. 

Sales Volumes REINZ data shows there were 6,135 unconditional residential sales in June, equal to the number of sales in June 2012, & a fall of 20.5% compared to May 2013. However, on a seasonally adjusted basis the volume of residential sales was up 0.6% compared to May, & up 6.1% compared to June 2012. Six regions recorded increases in sales volume compared to June last year, with Taranaki recording an increase of 18.4%, followed by Central Otago Lakes with 15.8% and Waikato/Bay of Plenty with 3.8%. All regions recorded a decrease in sales volume in June compared to May, with Hawkes Bay recording a decrease of 32.2%, followed by Southland with a decrease of 29.8% & Manawatu/Wanganui with a decrease of 27.6%. 
Prices The national median house price increased by $2,000 (+0.5%), from $392,000 in May, to $394,000 in June. Compared to June 2012 the national median house price increased by $22,000 (+5.9%), with seven of the 12 regions recording an increase in the median price. 80.7% of the increase in the national median price compared to June last year occurred in Auckland and 18.9% occurred in Canterbury/Westland. Together these two regions accounted for all but 0.4% of the increase in the median price between June 2012 and June 2013.Canterbury/Westland recorded a new record median price of $365,000. Compared to June 2012 Canterbury/Westland recorded the largest increase in median price, up 12.3%, followed by Auckland with 11.0%, and Southland with 6.9%. Central Otago Lakes recorded the largest fall, down 11.8%, followed by Northland down 4.9% and Manawatu/Wanganui down 2.2%. 

Auctions Nationally there were 1,203 dwellings sold by auction in June representing 19.6% of all sales and an increase of 65.7% on the number of dwellings sold by auction in June 2012. Auctions are increasingly favoured as a sales method in certain centres; for the 12 months to June 2013 the total number of sales by auction reached 14,762 or 18.9% of all sales, compared to 8,911 or 13.1% of all sales for the 12 months to June 2012. Transactions in Auckland again dominated the auction market in June, representing 76.4% of the national total of auction sales. 37.0% of all dwelling sales in Auckland were by auction in June; this was up strongly from the 27.3% of sales by auction in June 2012. Sales by auction in Waikato/Bay of Plenty accounted for 8.5% of the national total, Canterbury/Westland accounted for 8.5% of the national total, and all other regions combined accounted for the remaining 6.7% of auction sales in May 2013.