House prices up 5.8% in December

Median house prices across New Zealand rose by 5.8% while Auckland’s median house price increased 1.8% in December to $870,000 up from $855,000 compared to December 2016.
Bindi Norwell, Chief Executive at REINZ says: “This increase defies the predictions of many commentators who 12 or 13 months ago were adamant that house prices would fall in 2017.”
Waikato experienced record prices, by being up 11.7% year-on-year to $525,000 (a $35,000 increase since November 17 and a $55,000 increase since December 16).
In terms of sales, Franklin District saw a 41.4% volume increase year-on-year (99 sales up from 70 in December 2016).
All over the country, sales volumes were down on 2016 for every month during the year and between February and October they were in excess of 20% below 2016 levels before picking up in November when a post-election late spring surge saw them jump to just 10% lower than November 2016 levels.
Meanwhile, values are also increasing again in Franklin and particularly in Papakura which rose 2.2% year on year and 2.6% over the final three months of the year. Manukau bucked the general trend as values there dropped 1.0% year on year and 0.3% over the past three months.
In December, auctions represented 14% of all properties sold in New Zealand, down from 18% in December 2016. This represents 827 properties sold under the hammer, down from 1154 properties in December 2016. Of those 827 properties sold by auction, more than half (55% – or 455 properties) were in Auckland. The remainder were spread across the rest of the country.

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