New high for median house price

CATHERINE HARRIS
Last updated 11:28 12/12/2013

The Kiwi property dream

Share your stories, photos and videos.

Relevant offers

Money

$85k income not enough to buy house in much of NZ What money lessons could you learn from John Key? Government pockets $4m windfall from fraudster's Apple shares after ten-year fight Productivity Commission reveals future ways councils will tax homeowners Siobhan Komander's $20 million business was making her sick Mexico gets $24b bonus from peso's plunge thanks to Donald Trump Six money tips from someone who saved $1 million by age 30 MyLotto warns of scam website Anger at Superlife's KiwiSaver $100 'transfer' fee Insurance cost to increase to cover Fire Service

House sales weakened in November but prices continued to strengthen as restrictions on high mortgage lending moved into their second month.

The Real Estate Institute says 6961 houses sold last month, down 6.6 per cent from November last year.

However, house prices continued to hit new levels, with a national median high of $425,000.

Prices are now nearly 11 per cent higher than a year ago and 4.3 per cent above the previous record in October.

Institute chief executive Helen O'Sullivan said turnover last month was 2.7 per cent higher than in October, but that was weaker than usual.

The average increase between October and November over the past decade was usually more than 10 per cent.

O'Sullivan said restrictions on low-equity lending "may well be a driver of the softer sales figures", with changes appearing at the cheaper end of the market.

House sales below $400,000 were down almost 20 per cent compared with November last year.

New median price highs were set in Auckland, Canterbury-Westland, Wellington and Waikato-Bay of Plenty, with Auckland leading the way at $620,000.

The number of days to sell a house was unchanged from October at 31 days.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content