NZ property prices soar

The median house price for properties in New Zealand has risen a record $5,000 to $NZ360,000 ($288,000).

Figures from the Real Estate Institute of New Zealand (REINZ) found the median house price for December was 1.4 per cent greater than the month prior and 9.6 per cent higher than the same time last year.

REINZ president Peter McDonald said the rising house price was fuelled by a shortage of properties for sale.

“It is concerning there were less than 5000 residential properties sold in December, but the sale time of 33 days is one of the shortest for the year, which goes to show those properties sold were well sought after,” he said.

According to Mr McDonald, house prices have “definitely stabilised and appear to be gaining slightly.”

House prices are now only 3.8 per cent below their November 2007 peak.

The median house price for properties in New Zealand has risen a record $5,000 to $NZ360,000 ($288,000).

Figures from the Real Estate Institute of New Zealand (REINZ) found the median house price for December was 1.4 per cent greater than the month prior and 9.6 per cent higher than the same time last year.

REINZ president Peter McDonald said the rising house price was fuelled by a shortage of properties for sale.

“It is concerning there were less than 5000 residential properties sold in December, but the sale time of 33 days is one of the shortest for the year, which goes to show those properties sold were well sought after,” he said.

According to Mr McDonald, house prices have “definitely stabilised and appear to be gaining slightly.”

House prices are now only 3.8 per cent below their November 2007 peak.

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